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Business News Wed, 6 Feb 2019

Stop 'cooking' Ghana’s economic data – Adongo advises BoG boss

Member of Parliament for Bolgatanga Central, Isaac Adongo has reached out relentlessly to the Governor of the Bank of Ghana, Dr Ernest Addison to stop ‘cooking’ up the country’s economic data.

According to him, the Bank of Ghana had adopted some ‘uncouth’ ways of adding up figures from Ghana’s Petroleum Holding Funds to bloat the Net International Reserves of the nation.

“…BoG unethically and unprofessionally decided to falsify Ghana’s NIR to mislead investors and the markets by suddenly adding Ghana’s Petroleum Holding Funds to our net reserves… The Petroleum Holding Funds have encumbered funds which are not available to BoG and cannot be added to its reserves,” The member of the Finance Committee in Parliament noted in a letter addressed to the Governor.

He added, “Mr. Governor, I want to take the opportunity to urge you to desist from such behaviour and to stop cooking Ghana’s economic data. Let us be true and consistent in approach as prescribed by international standards and tell the true story of Ghana’s economic performance.”

Bemoaning the increasingly diminishing credibility and confidence in the Central Bank, Mr. Adongo observed some ‘worrying issues’ bedeviling the Bank of Ghana which includes; Concealment and manipulation of Net International Reserves and Manipulative Policy rate cuts and Policy Distortions.

Below is a copy of the full statement;



Source: www.ghanaweb.com
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