We stand by our claim that BoG printed money – NDC Minority in Parliament

The National Democratic Congress (NDC) Caucus in Parliament says it stands firmly by its original assertions that the Bank of Ghana (BoG) was engaged in illegal printing of money.

“The NDC Caucus in Parliament has noted with dismay, a Bank of Ghana (BoG) Press Release dated July 26, 2022 which sought to respond to my statement calling out the BoG for engaging in illegal money printing,” it stated in a statement signed and issued by Dr. Cassiel Ato Baah Forson, (MP, AjumakoEnyianAssiem Constituency and Ranking Member, Finance Committee).

The statement said, it was regrettable to observe that the BoG in its response, merely resorts to sophistry and less than candid ex post facto rationalisation.

It said “instructively, information contained at page 97, under Appendix 2A totally and unambiguously discredits the claims of the BoG.”

“Reference is made to the BoG claim as captured in their July 26, 2022 press release that GHS6.2billion out of the GH22billion reflects on-lending of IMF SDR resources. In stark contrast, the Minister for Finance’s Mid -Year Review reports at the page in issue that there was no such on-lending. Indeed, there was zero on-lending contrary to the projected GHS4.53billion,” it said.

The other dishonest claim by the BoGthe statement said related to the assertion that some GHS2.8billion out of the infamous GHS22billion was a draw down from government’s own deposit for GETFund, DACF and NHIF.

This the statement said could not be factual considering that Appendix 2C at page 99 of the Finance Minister’s Mid Year Review reports that all those statutory payments had long been released by the Ministry of Finance and spent by GETFund, DACF and NHIF.

“How can the BoG claim to be lending money that has already been spent to government? The BoG must desist from its voodoo cover up and credit Ghanaians with some intelligence. We expect the BoG to do the honourable thing by admiting to their transgressions and asserting their independence as they are guaranteed under Ghanaian law,” it asked.

“Let’s be clear, this is high powered money being injected through illegal printing into the economy, hence the 33.8% growth in BoG’s balance sheet as at June 2022 and this should be extremely troubling to all well-meaning Ghanaians,” the statement said.

“If a bank is holding Government stocks or bonds and wishes to discount them, the Ghana Fixed Income Market is where such banks can engage in secondary trading for liquidity purposes. Why has it become BoG’s primary duty? Why has BoG over the last many months curtailed lending to banks but is busy lending to Government at the same time? “it asked.

“We urge the Ministry of Finance and the Bank of Ghana to come clean, and seek parliamentary ratification in accordance with the Bank of Ghana (Amendment) Act, 2016 (Act 918),|” the statement said.


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