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Bank of Ghana has printed ¢50b in one year – Minority Leader alleges

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Minority Leader, Dr Cassiel Ato Forson, is accusing the Bank of Ghana (BoG) of printing more than ¢50 billion in a year.

This, he said, is the cause of the current galloping inflation the country is experiencing.

Ghana’s current inflation rate is beyond 50% with experts warning the situation could get worse.

Only this week, the central bank increased the monetary policy rate by 100 basis points moving the rate from 27% to 28%.

This a move the Bank hopes will tame inflation and deal with the Ghana cedi’s flip-flopping.

In a tweet, Dr Forson, who until his appointment as Minority Leader, was the Ranking Member on the Finance Committee claimed that the central bank is in breach of the Bank of Ghana (Amendment) Act.

“Inflation is @ 54.1% & MPR now @ 28 %! We are here largely because BoG has so far printed over $50bn in one year & depleted net intl reserves to record lows as of end-Dec 2022.

“BOG’s governor continues to breach Section 30(2) and 30(7) of BoG (Amendment) Act, 2016 (Act 918).”

The Minority Leader promised to hold those responsible for this accountable.

“Those destroying livelihoods of Ghanaians will soon be held to account!”

Dr Forson is pledging to turn the heat on the Bank of Ghana during his time as Minority Leader for what he says is their recklessness.

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