The Minority's demands stem from concerns over the management of the Bank and the printing of money to support government expenditure without parliamentary approval.
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Banking Consultant defends BoG, shifts focus to Finance Ministry
Renowned banking consultant Nana Otuo Acheampong has come to the defense of the Bank of Ghana (BoG) and its leadership amidst calls from the Minority for the resignation of the Central Bank's Governor, Dr. Ernest Addison, and his deputies.
Bank of Ghana
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Nana Otuo Acheampong asserted that Governor Dr. Ernest Addison did not commit any wrongdoing by agreeing to write off 53.1 billion cedis of the government's debt incurred through the Domestic Debt Exchange Programme (DDEP). In his response to these allegations, Acheampong emphasized that the Bank of Ghana is not required to consult Parliament before making such decisions.
He explained, "There was zero financing in 2017, 2018, 2019, and 2021. It was only in 2020 that there was no zero financing, and 2022 because of the International Monetary Fund (IMF). The 2020 instance, related to COVID-19, is widely acknowledged, and the legislators were aware of the situation."
Acheampong clarified that the Bank of Ghana operates under the purview of the Ministry of Finance and suggested that if there were concerns about potential breaches of the law or exceptions required, they should be directed at the Ministry of Finance, rather than the Bank of Ghana.
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His comments underscore the intricate relationship between the Bank of Ghana and the Ministry of Finance in financial decision-making processes and signal a need for a nuanced approach in addressing concerns related to government debt management and monetary policy.
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