The Minority in Parliament has revealed that the Bank of Ghana in collusion with the government has printed new currency without seeking parliamentary approval.
Minority spokesperson on Finance, Cassiel Ato Forson, speaking to journalists accused the government and the Central Bank of perpetuating an illegality.
“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.
Ato Forson said this is hidden on page 97 of Appendix 2a of the mid-year budget under the section on Bank of Ghana.
According to Mr Forson, the new currency has resulted in the high inflation being witnessed in the country.
“I am saddened, no wonder inflation is galloping, no wonder that our reserves position is dwindling. Because when you create new money out of the thin air, what happens is that inflation will go up and obviously because it is new money, you will end up losing your reserves because there would be new consumption. If this trend continues, I won’t be surprised that we will end the year with inflation of about 50 per cent,” he added.
