Minority deems Bank of Ghana unsuitable for purpose
The Minority in Parliament has harshly criticized the Bank of Ghana, claiming that the central bank is unqualified to perform its assigned duties.
The Minority bemoans the BoG’s inability to implement monetary policies without using money printing.
The Bank of Ghana has reportedly lost GH60 billion as a result of its debt restructuring initiative, according to a recent certified report.
Isaac Adongo, the ranking member of the finance committee, responded to the Finance Minister’s presentation of the mid-year budget review to Parliament by expressing discontent and claiming that the administration has not been effective in improving the situation.
All the money in our banks that they made us save with the Bank of Ghana as part of the Prudential Reserve, he claimed, had been wasted. Additionally, the foreign currency borrowed to maintain the Cedi has run out. In actuality, the Bank of Ghana still has a GH22 billion deficit even after subtracting the GH48 billion in public debt. This shows that the Bank is unfit for its purpose because it is unable to carry out monetary policy without using money printing due to a lack of resources.
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