BoG compromised by government; printed $3.3 billion new notes without approval – MP

Member of Parliament for Builsa South Dr. Clement Apaak has taken on the Bank of Ghana accusing it of falsehood.

The MP says the central bank contrary to its denial that it printed new notes without parliamentary approval has been exposed once again.

It would be recalled that Minority Leader Ato Forson in July 2022 accused the bank of Ghana of printing new notes without parliamentary approval.

“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 GH¢22 billion. They have printed GH¢22 billion fresh money without the knowledge of Parliament and without informing all of us”, he said.

Ato Forson said this was hidden on page 97 of Appendix 2a of the mid-year budget under the section on Bank of Ghana.

Speaking to journalists after Finance Minister, Ken Ofori-Atta presented the government’s mid-year budget to Parliament, Ato Forson said the new currency has resulted in the high inflation being witnessed in the country.

But the BoG denied the claims explaining that “Appendix 2A of the Mid-Year Fiscal Policy Review document, under Financing, out of the total financing of GH¢28.12 billion, an amount of GH¢22.04 billion was captured under BoG…This is the amount being referred to by the Ranking Member as BoG’s printing of currency to support the budget.”

But Dr. Apaak has revived the issue by making reference to comments made by the Director of Research at the Institute of Economic Affairs IEA.

He said the central bank has printed new notes equivalent to $3.3 billion without parliamentary approval.

He was worried that the bank had allowed itself to be compromised by the ruling government.

He described the situation as said in a tweet saying “When Hon. Ato Forson accused BOG for unlawfully printing money for the corrupt NADAA/DMB gov’t, BOG denied. It’s now established that BOG printed even more; equivalent of $3.3bn, according to IEA Director of Research. Sad how state institutions have been compromised under NPP!

Minority spokesperson on Finance, Cassiel Ato Forson is accusing government and the Governor of the Bank of Ghana (BoG) of printing more currency for the country without approval from Parliament”.