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 must be emphasized right from the outset, and for the avoidance of any doubt, that the NDC Caucus in Parliament stands firmly by its original assertions.
It is regrettable to observe that the BoG in its response, merely resorts to sophistry and less than candid ex post facto rationalization.
Instructively, the information contained on 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 on the page in an issue that there was no such on-lending. Indeed, there was zero on-lending contrary to the projected GHS4.53billion.
The other dishonest claim by the BoG relates to the assertion that some GHS2.8billion out of the infamous GHS22billion was a draw down from the government's deposit for GETFund, DACF, and NHIF.
This cannot be factual considering that Appendix 2C on 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 the government? The BoG must desist from its voodoo cover-up and credit Ghanaians with some intelligence.
We expect the BoG to do the honorable thing by admitting to their transgressions and asserting their independence as they are guaranteed under Ghanaian law.
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 of June 2022 and this should be extremely troubling to all well-meaning Ghanaians.
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