Blame Finance Ministry instead of BoG Governor - Minority told

A Banking Consultant, Nana Otuo Acheampong, has asked the Minority to shift their blame from the Governor of the Bank of Ghana to the Ministry of Finance.

The Minority embarked on a protest on October 3, 2023, to demand the resignation of the governor over current happenings in the economy including printing money without the necessary parliamentary approval.

According to Nana Otuo, the Governor of the Central Bank, Dr. Ernest Addison, was not wrong in making the decision to write off GH¢53.1 billion of the government’s debt accrued from the Domestic Debt Exchange Programme (DDEP).

“There was zero financing in 2017, 2018, 2019 and 2021. It was only in 2020 that there was no zero financing and in 2022 because of the International Monetary Fund, IMF. The 2020 one, Covid is accepted and the legislators are there, they know what should have happened.

“Is it the Bank of Ghana which has to make the application or the Ministry of Finance? Bank of Ghana doesn’t stand on its own, it stands under the Ministry of Finance. So if they have a beef, then I would have thought the gun should be directed at the Ministry of Finance but not at Bank of Ghana because they are under the Ministry,” he was quoted by myjoyonline.com.

He explained that if there is anyone to blame, it should be the Finance Ministry.

"So, if they have to go to Parliament to seek any breach of the law or an exception, then the Ministry will do that and not Bank of Ghana,” he argued.

SSD/DAG

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