Member of Parliament for Ajumako-Enyan-Esiam and former Deputy Finance Minister, Dr. Cassiel Ato Forson has berated the government for encouraging the Bank of Ghana to print GHS22 billion without the consent of Parliament.
“They have printed GH¢22 billion fresh money without the knowledge of Parliament and without informing all of us.”
This follows the presentation of the Mid-Year Budget Review by the Minister for Finance, Ken Ofori-Atta, yesterday July, 25.
While addressing the press on Monday, July 25, he stated that the fresh currency notes were printed between January and June 2022.
According to Dr. Forson, the act hidden on page 97 of Appendix 2a of the Mid-year budget under the section on Bank of Ghana is unlawful and in violation of the Bank of Ghana Act.
He further attributed the printing of the currencies to the rise in inflation.
“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,” he said.
He, therefore, requested that the Minister return and submit a revised mid-year budget.
“I want to urge the Governor of the central bank that he has engaged in gross illegality and in future if he is asked to print money, he should first come to Parliament before he acts,” he added.
