The Bank of Ghana Headquarters
A financial analyst, Dr. Micheal Dawson has said the Bank of Ghana Act under Section 30(6) mandates the Finance Minister to report to Parliament with regards to emergency related decisions taken on the economy and temporary advances made.
He points out that the Act further details that the Finance Minister is then required to report to Parliament on the decision taken following meetings with the Central Bank and Accountant-General.
Dr Dawson who was speaking on the back of accusations by the Minority in Parliament on the printing of currency to finance government expenditure said the Central Bank acted within the law.
“Section 30 (6) of the Bank of Ghana Act states that in the event of any emergency, the Governor, the Minister, and the Controller and Accountant-General shall meet to decide the limit of borrowing that should be made by government and the Minister shall submit the report,” Dr Dawson told journalists on Thursday August 10, 2023 as he quoted from the Act.
“The Governor is not required to report to Parliament. It is the Minister of Finance. The Amended Act 918 passed in 2016 did not repeal section 30(6) of the Bank of Ghana Act 612,” he is further quoted by 3news.com
Meanwhile, the Minority in Parliament contends that the Central Bank was in breach of the law under Section 67 of the Bank of Ghana Act when the regulator allegedly printed amounts of GH¢35 billion in 2021 and GH¢42 billion in 2022 for government.
According to them, the figures are beyond the legally acceptable threshold of 5 percent of the previous fiscal year’s total revenue.
MA/BB
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