Osei Kyei-Mensah-Bonsu, the leader of the majority party, stated that either the minority party in parliament is exaggerating the problems with the Bank of Ghana (BoG) or that they lack the time to thoroughly investigate the central bank’s facts.
The Minority in Parliament charged that the Bank’s printing of substantial sums of money to pay the government in 2021 and 2022 lacked a plausible justification.
They claim that the BoG’s behavior is a clear violation of the relevant statute.
They point out that the printed amounts—GHS 35 billion in 2021 and GHS 42 billion in 2022—are significantly more than the legally permitted cap of 5% of total revenue from the prior fiscal year.
The assertion in the statement is that the Bank of Ghana’s actions in creating money to pay the needs of the government in 2021 and 2022 were illegal and that this behavior is illegal under Section 67 of the Bank of Ghana Act.
However, according to Mr. Osei Kyei Mensah Bonsu, “The Governor of the Bank of Ghana does not directly report to Parliament. We shouldn’t focus solely on the NPP and NDC. As a former deputy minister of finance who is familiar with the workings of the Bank of Ghana, Ato Forson ought to have known better. Therefore, it is bad for the country if BoG matters are politicized.
“The BoG is not required by law to report to Parliament daily. Only reporting foreign exchange receipts to Parliament is required by law, and the BoG has always complied with this requirement. Parliament does not receive a direct report from the BoG.
According to the Constitution, any law that is passed that conflicts with the Constitution is void. Either the minority is grossly exaggerating the situation or they haven’t had time to look into the facts.
“The BoG’s rebuttal tackles all the contradictions and untruths propagated against the organization. Yes, the nation experienced various issues that necessitated the BoG’s intervention. We would have suffered greatly if not for the close to $10 billion in overseas reserves that the BoG amassed. According to the Suame Member of Parliament, the BoG provided the nation with around 4 billion of its 10 billion in foreign reserves to help with the issue.