Minority Leader Dr Cassiel Ato Forson is alleging that the Bank of Ghana (BoG) has printed more than ¢50 billion in a year.
According to him, this has caused the current galloping inflation and the hardship the country is experiencing now.
Ghana’s current inflation rate is beyond 50% with experts warning the situation could get worse.
The central bank increased the monetary policy rate by 100 basis points moving the rate from 27% to 28% on January 30.
This move the Bank hopes will tame inflation and deal with the Ghana cedi’s fluctuation.
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.
— Cassiel Ato Forson(PhD) (@Cassielforson) January 31, 2023
“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!”