The Minority in Parliament has vehemently criticized the Bank of Ghana (BoG), asserting that the central bank is woefully inadequate for its intended function.
The group laments the BoG’s inability to execute monetary policy without resorting to printing more money, which raises concerns about inflation and economic stability.
In the recent audited report, the Bank of Ghana disclosed staggering losses of GH¢60 billion resulting from its debt restructuring endeavors. This revelation has intensified the scrutiny on the central bank’s management and financial performance.
In response to the Finance Minister’s mid-year budget review presented to Parliament, Isaac Adongo, the Ranking Member on the Finance Committee, expressed a strong opinion that the government has failed to achieve any substantial progress.
“All the monies in our banks that they forced them to save with the Bank of Ghana, which we call the Prudential Reserve, have gone to waste. All the monies that they have been borrowing from abroad in foreign currency to support the Cedi are gone and as a matter of fact, if you even take away government debt that they have incurred GH¢48 billion, you will still see that the Bank of Ghana has a hole of GH¢22 billion. What this means is that the Bank is not fit for purpose because it cannot undertake monetary policies without printing money because it doesn’t have money.”