Accusations against BoG printing cash to finance gov't budget mischievous — Addison

The Governor of the Bank of Ghana (BoG) Dr. Ernest Addison has debunked allegations by the Minority in Parliament that it has printed a whopping GH¢22 billion new cash for the government.

Ernest Addison, Governor of the Bank of Ghana

The Member of Parliament for Ajumako-Enyan-Esiam, Dr. Casiel Ato Forson, who is the Minority leader alleged that the Governor of the central bank printed money for the nation without approval from Parliament.

According to him, the Central Bank has perpetuated an illegality that has to be handled.

But responding to the allegations, Dr. Addison said the central bank has enough cash sitting in its vault.

Speaking at the 111th Monetary Policy Committee (MPC) press conference in Accra on Monday, March 27, 2023, he stated that "First and foremost, Bank of Ghana’s forecast for currency printing does not include government financing needs, we make an estimate of the GDP for the year, a major factor in that is the cocoa production forecast. So that is what goes into forecasting currency printing requirements.


"If you go to the Bank's office at Spintex Road we have our currency processing center there, we have a vault full of Cedis so we don’t need to print money, we already have cash sitting in our vault and release these resources as an when the economy demands that.

"So the impression that Bank of Ghana prints money to finance overdraft is completely wrong, it is a mischievous way of presenting the issues."

Earlier, the central bank justified its funding support to the 2022 budget presented by the New Patriotic Party (NPP) government.

The BOG said the support of ¢44.5 billion to the government avoided external and domestic debt default in 2022.

In a statement copied to the press, the Bank of Ghana said the support was for critical imports to keep the economy on a stable path.


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