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Gov’t printing GHS22bn worth of new money without Parliamentary approval – Minority

The Minority has raised alarm about the government encouraging the Bank of Government (BoG) to print more money into the system.

According to the Minority, between January 2022 to June 2022 the BoG has printed a whopping amount of GHS 22 billion on the orders of the government acting thorugh Finance Minister, Ken Ofori-Atta.

The Minority Spokesperson on Finance, Mr Cassiel Ato Forson raised this alarm at a press conference after the Finance Minister, Ken Ofori-Atta had delivered the Mid–Year Budget Review to Parliament on Monday, 25 July 2022.

He said this information was hidden in the appendix of the budget statement the sector Minister presented to the Parliament on Monday, July 25, 2022.

He noted that no wonder inflation is galloping and Ghana’s reserve dwindling under the watch of the managers of the economy.

Mr Forson was of the view that this was gross illegality committed by the Governor of the Bank of Ghana (BoG), Dr Ernest Addison.

He said the records indicate that the government has encouraged the BoG to print an amount of GHS 48 million and GHS22 billion respectively through the backdoor.

He wondered why the BoG is allowing monetary financing when the immediate past National Democratic Congress’ government discouraged the practice under former president John Dramani Mahama.

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