Isaac Adongo calls for head of Governor of Bank of Ghana
Isaac Adongo, the Bolgatanga legislative member in Parliament has alleged that the Governor of the Bank of Ghana, Dr Ernest Addison, has illegally given over GHS 70 billion to the government to finance maturing debts on the domestic market.
According to Mr. Adongo, the move by the central bank is contrary to the Public Financial Management Act.
In an interview with the media, Mr Adongo who doubles as the ranking member on the Finance Committee of Parliament, reiterated his call for the resignation of Dr Addison.
Mr. Adongo added that the rise in inflation, depreciation of the cedi and worsening economic conditions is as a result of policy decisions of the Governor, hence his call for his dismissal.
“There are strict rules on which the Government of Ghana can borrow from the Bank of Ghana, and the strict rules are quite clear, stating that the Bank of Ghana at any point in time should not lend more than 5 per cent of the previous year’s revenue.
“As we speak today, Dr Addison has been financing the government and paying maturing debt obligations on the domestic market that the government cannot fund. We are currently looking at something in the region of GHS 70 billion of illegal borrowing by the government of Ghana through the Bank of Ghana,” Mr Adongo told the Media on Tuesday, November 8.
