Story: Kwadwo Owusu Aduomi
The Minority in Parliament has strongly criticized the Bank of Ghana, saying the central bank is not fit for purpose.
The group bemoaned that the BoG was not able to undertake monetary policy without printing monies.
In its recent audited report, the Bank of Ghana announced that it had recorded GH¢60 billion in losses in its debt restructuring exercise.
Reacting to the presentation of the mid-year budget review presented to Parliament by the Finance Minister, the Ranking Member on the Finance Committee, Isaac Adongo said the government had failed to turn the corner.
“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.”