Bank of Ghana is bankrupt due to illegal printing of money - Sammy Gyamfi

The National Communications Officer of the National Democratic Congress (NDC), Sammy Gyamfi has stated that the Bank of Ghana’s huge losses were incurred as a result of the illegal printing of money.

He revealed that the central bank has declared losses amounting to the tune of GH¢ 60.8 billion and negative equity of GH¢ 65-70 billion which is unprecedented in its history.

Speaking in an interview with Randy Abbey on Metro TV on August 3, 2023, the National Communications Officer of the NDC blamed the losses incurred by the Bank of Ghana on printing beyond the 5% threshold.

“The Bank of Ghana today has become insolvent and declared losses to the tune of GH¢60.8 billion which is unprecedented in the history of the Central Bank. The Bank of Ghana today has declared negative equity of GH¢65-70 billion. Why? Because they chose to pander to the whims and caprices of this reckless Akufo-Addo and Bawumia government by continuously printing money illegally.

"When government goes into crisis, the Bank of Ghana can advance overdrafts and short-term loans to the government. You can print money for the government, but the law says don't do more than 5%. Don't give the government more than 5% of the total revenue of the previous year. Today they printed over 80 billion and the government says we can't pay,” he noted.

Sammy Gyamfi added that the humongous nature of the debt incurred by the Bank of Ghana breaches the Act of the institution.

"The Bank of Ghana writes off 50% of it as bad debts without parliamentary approval.

"In which country can this happen? And then instead of them to be resigning, instead of them to be explaining to us why they have violated the law, they have the effrontery to issue press releases. Other countries too have been in the same position, all the countries they cited are industrialized countries. And none of the countries they have cited have actually breached their Bank of Ghana Act. What those countries have done is allowed by their laws. Printing of money is what led to the hyperinflation we are talking about,” he added.

BS/WA

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