In a tweet shared on February 9, 2023, Sammy Gyamfi said that the Bank of Ghana has violated the Bank of Ghana (Amendment) Act, 2016 (Act 918) by printing money above the allowed threshold without the approval of parliament.
He added that, that action by the central bank is criminal, as such, Dr. Ernest Addison and another individual who is involved in the illegality should be dealt with by the law.
“This statement from the BoG is an admission of criminality and can suffice as a confession statement. The governor of the BoG and all those culpable are candidates for criminal prosecution under section 67 of the ACT 612 for violating section 30 of ACT 612 as amended by ACT 918,” parts of the tweet read.
The NDC national communications officer was reacting to a justification by the central bank on its decision to print over GH¢40 billion for the government to finance the 2022 budget which is above the required threshold and needs the approval of parliament.
According to the BoG, it was left with no option but to support the government because it’s (the government's) access to International Capital Market was closed and the domestic market was also struggling.
In a statement issued on Thursday, February 9, 2023, the central bank posited that its action was not wrong since the Fiscal Responsibility Act, 2018 which was suspended by the Parliament of Ghana, had not been reinstated.
The statement by the BoG comes after it was heavily criticized by some Ghanaians after a Bloomberg report indicated that it printed GH¢41.9 billion for the government in 2022.
Broadcaster, Dr. Randy Abbey, who was reacting to the Bloomberg report, said that the BoG, which is supposed to be regulating the country’s financial sector, appears to be breaking all the rules in the sector.
“The level of seeming recklessness and lawlessness, and irresponsibility when it comes to the operation of the central bank and the lack of transparency is getting worrying,” he said.
View the tweet below:
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IB/DA
Sammy Gyamfi (left), Dr. Ernest Addison (right)