The Minority Spokesperson on Finance, Dr. Cassiel Ato Forson, has alleged that the Bank of Ghana has printed fresh notes, GHC 22 billion, without approval from Parliament.
Mr. Forson has revealed that the Central Bank has perpetuated an illegality that should be addressed.
Sharing his statement;
Between January and June 2022, the Minister responsible for Finance and the government went to the Central Bank, and they encouraged the BoG to print money worth GHC 22 billion. They have printed GHC 22 billion fresh money without the knowledge of Parliament and without informing all of us.
Forson said this after Finance Minister, Ken Ofori Atta presented mid-year budget and economic policy of the government to Parliament.
Ato Forson stated that the brand new forex has led to excessive inflation being witnessed within the nation.
I am saddened, no wonder inflation is galloping, no wonder that our reserves position is dwindling. Because when you create new money out of the thin air, what happens is that inflation will go up, and obviously because it new money, you will end up losing your reserves because there would be new consumption. If this trend continues, I won’t be surprised that we will end the year with inflation of about 50 percent.
I want to urge the Governor of the Central Bank that he has engaged in gross illegality and in future, if he is asked to print money, he should first come to Parliament before he acts.
