Dr John
Kumah, a Deputy Minister for Finance, has debunked allegations by the Minority
in Parliament that the Bank of Ghana has printed GH¢22 billion notes for the
country without approval from Parliament.
He said the stated amount is an overdraft advanced by the Bank to the
government and there was nothing illegal about it.
Dr Cassiel Ato Forson, the Minority spokesperson on Finance, on Monday, accused
the Governor of the Bank of Ghana (BoG) of printing more currency for the
country without approval from Parliament.
The former Deputy Finance Minister said the BoG and government had perpetuated
illegality which must be dealt with.
He said: "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.
According to Dr Forson, this was hidden on page 97 of Appendix 2a of the
Mid-year Budget under the section on Bank of Ghana.
However, at a Press Conference organised by the Majority in Parliament on
Tuesday, Dr Kumah debunked the allegations.
"If you read section 30 of the Bank of Ghana Act, it is within the remit
of the law for the Bank of Ghana to grant overdrafts and support to the Central
government without printing money," he said.
Dr Forson first made the allegation on Monday and repeated the same on the floor of
Parliament on Tuesday when he commented on the Mid-year Budget Review presented
by Mr Ken Ofori-Atta, the Finance Minister, where he blamed the rising
inflation rate on that measure by the Central Bank.
"Mr Speaker, in the 2020 budget, the project was that the government was
going to take zero amounts from the Central Bank only for us to see that
between January to June 2022, this administration has taken GH¢22 billion cedis
from the Central Bank of Ghana.
"When the Bank of Ghana gives money to the government it is called
printing of money and that is unacceptable," he said.
Meanwhile, the Bank of Ghana has denied the claim, saying the amount of
GHC22.04 billion represented net claims on government and not new currency
printed to support the government’s budget.
Source: GNA