BoG Denies Printing GH¢22 Billion In New Notes Without Parliament's Approval

BoG Denies Printing GH¢22 Billion In New Notes Without Parliament's Approval

  • The Bank of Ghana has responded to allegations on Monday that it has printed new notes without the approval of Parliament
  • The Minority made the claim that over GH¢22 billion had been printed and the details hidden from the Legislature
  • However, in a strong rebuttal, the central bank said the claims are unfounded, and further gave a breakdown of the GH¢22 billion the Minority had referred to

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The central bank has denied claims that it has printed over GH¢22 billion in fresh notes without the approval of Parliament, a claim made by the Minority on Monday, July 25.

The Bank of Ghana has said in a statement dated July 26, 2022, that the allegations by Minority Spokesperson on Finance were false.

The statement explained that the funds that Dr Forson referred to, represent net claims on the government, not new currency printed to support the government's budget.

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Dr Ernest Addison
Dr Ernest Addison is Governor of the Bank of Ghana. Source: Getty Images.
Source: Getty Images

The Bank of Ghana then provided a breakdown of the GH¢22 billion to reiterate that nothing illegal had occurred.

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"Bank of Ghana would like to assure the public that in carrying out its functions as a banker to the government, it is committed to complying fully with all relevant legal requirements.
"Bank of Ghana's operations is constantly guided by the requirements of the Bank of Ghana Act, 2002 (Act 612) as amended."

Ato Forson's allegations reported previously that the Minority spokesperson on Finance made the claim on Monday, July 25, 2022, shortly after the finance minister, Ken Ofori-Atta, presented his 2022 midyear budget review to Members of Parliament.

Speaking to journalists at the forecourt of Parliament, Minority Spokesperson on Finance, Dr Cassiel Ato Forson, said the finance minister hid the information about the printed money in the appendix of his midyear budget document.

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“I am saddened. No wonder inflation is galloping. No wonder that our reserves position is dwindling. Because when you create new money out of thin air, inflation goes up,” Dr Forson said.

He said it was unfortunate that the central bank would be pushed by the government to blatantly breach the law.

"This is against the Bank of Ghana Act. I want to tell the Governor of the central bank [Dr Ernest Addison] that he has engaged in an illegality. Gross illegality. And in the future, if he is asked to print money, he must first come to Parliament,” Dr Forson advised.

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