Bank of Ghana printed more than Ghc50 billion in 2022 – Ato Forson alleges

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Dr. Cassiel Ato Forson, the minority leader, claims that the Bank of Ghana (BoG) prints currency exceeding $50 billion annually.

He claimed that this is what’s causing the nation’s inflation to be galloping right now.

The current inflation rate in Ghana is over 50%, and experts have warned that things might become worse.

The central bank only raised the monetary policy rate this week, from 27% to 28%, by 100 basis points.

The Bank is taking this action in an effort to control inflation and address the erratic value of the Ghana cedi.

In a tweet, Dr Cassiel Ato 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!”

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