HomeGeneral NewsBoG has done no wrong, deal with Finance Ministry – Minority told

BoG has done no wrong, deal with Finance Ministry – Minority told

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Banking Consultant, Nana Otuo Acheampong has jumped to the defense of the Bank of Ghana (BoG) and its governors.

According to him, the Governor of the Central Bank, Dr. Ernest Addison, did no wrong by accepting to write off 53.1 billion cedis of government’s debt accrued from the Domestic Debt Exchange Programme (DDEP).

He was reacting to the Minority’s call for the resignation of the Central Bank’s Governor and his deputies, for the mismanagement of the bank and the printing of money to support government expenditure without recourse to parliamentary approval.

Speaking on PM Express, Nana Otuo Acheampong said the BoG is not obliged to consult Parliament before taking such decisions.

“There was zero financing in 2017, 2018, 2019, and 2021. It was only in 2020 that there was no zero financing, and in 2022 because of the International Monetary Fund (IMF).

“The 2020 one, Covid is accepted, and the legislators are there; they know what should have happened. Is it the Bank of Ghana that has to make the application or the Ministry of Finance? The Bank of Ghana doesn’t stand on its own; it stands under the Ministry of Finance. So if they have a beef, then I would have thought the gun should be directed at the Ministry of Finance but not at the Bank of Ghana because they are under the Ministry.

“So if they have to go to Parliament to seek any breach of the law or an exception, then the Ministry will do that and not Bank of Ghana,” he argued.

However, the Member of Parliament for Bawku Central, Mahama Ayariga disagrees.

He insists the Central Bank’s failure to inform Parliament constitutes a breach of the BoG Act, and the Governor must suffer the consequences.

“The Bank of Ghana Act poses a responsibility on the Central Bank to be an adviser to the government on financial matters, fiscal matters, monetary policies. The Central Bank is supposed to be advising.

“First and foremost, his [Governor’s] failure in advising government not to create the financial mess that has ultimately affected the Central Bank itself is something that we should be holding him accountable for. And as far as we are concerned, the law says that he should come and inform Parliament. So, I don’t know where and in which law he [Nana Otuo Acheampong] has been told that the Central Bank is under the Ministry of Finance.“

Meanwhile, the Minority in Parliament says it will not back down on the demand for the resignation of the Governor.

Speaking on the Super Morning Show, MP for North Tongu, Samuel Okudzeto Ablakwa said the Minority together with the other protesters are hopeful that a new Governor will fix the problems within the Central Bank.

“If a new governor takes office, we don’t expect that new governor to continue on this reckless path.

“A new governor will not continue with this Bank of Ghana project which is now around 300 million dollars in a time of crisis. No responsible leader will do that, so a new governor will address that matter.

“A new governor will now decide to follow the law and will not print money illegally to the tune of 77 billion. I mean, you print money illegally to the tune of 77 billion and still manage to make losses of 60.8 billion, so where did the money go?” he quizzed.

“All the illegal printing, where did that money go? What was it used for? So a new governor, new deputies will be law abiding. They will not embark on this total recklessness. So it is the first step” he argued.


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