Ato Forson points finger at BoG for GHS 50bn printing
Ghana’s Minority Leader, Dr Cassiel Ato Forson, is pointing the finger at the Bank of Ghana (BoG) for the country’s current galloping inflation rate, which stands at over 50%.
Dr Forson claims that the bank is responsible for printing more than GHS 50 billion in a year, which has depleted the country’s international reserves to record lows.
In response, the Bank of Ghana recently increased its monetary policy rate by 100 basis points, moving it from 27% to 28%, in an effort to curb inflation and stabilize the Ghana cedi.
Dr Forson alleges that the central bank is in breach of the Bank of Ghana (Amendment) Act and has vowed to hold those responsible accountable.
“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!,” he tweeted.
