Enough is enough! – Minority replies BoG

The Minority group in Parliament has responded to the Bank of Ghana’s response on their 2022 published annual report and financial statements.

According to the Minority, the Bank of Ghana’s statement does not address the most fundamental issue which has to do with the printing of money by BoG for the Akufo-Addo/Bawumia/NPP government in 2021 and 2022 in clear contravention of Section 30 of the Bank of Ghana (Amendment) Act, 2016 (ACT 918).

The Minority noted that, throughout the statement, BoG does not and could not have offered any reasonable justification for printing a whopping GHS35 billion in 2021 and GHS42 billion in 2022 to finance the Akufo-Addo/Bawumia/NPP government, in clear breach of their governing law.

The Minority in a statement signed by its leader, Dr Cassiel Ato Forson described as an indisputable fact, that the amount of monies printed by BoG for the Akufo-Addo/Bawumia government both in 2021 and 2022 far exceeds the legally acceptable threshold of 5% of the previous fiscal years’ total revenue.

This the Minority alleged the central bank did without cognizance of the legal duty imposed on the Governor of BoG to inform the Minister of Finance, who is required upon notification from the Governor of BoG to notify Parliament of the attainment of the 5% threshold and/or the setting of a new limit of government’s borrowing.

The statement indicated that the facts show that BoG acted as law unto itself by willfully engaging in the illegal printing of monies to finance the Akufo-Addo/Bawumia/NPP government both in 2021 and 2022.

It said the illegal conduct of the Governor of BoG constitutes a criminal offense under section 67 of the Bank of Ghana Act and cannot be wished away by the flimsy justifications mounted by the Bank in the multiple press statements they have issued in the last couple of days.

Read the minority’s full statement below: