Osei Kyei-Mensah-Bonsu, the Majority Leader in Parliament, has raised doubts about the claims made by the Minority in Parliament regarding the Bank of Ghana (BoG).
He suggested that the Minority might be exaggerating the issues or might not have fully examined the facts concerning the central bank’s actions.
The Minority in Parliament had accused the Bank of Ghana of lacking reasonable justification for printing substantial amounts of money in 2021 and 2022 to finance the government.
They argued that the amounts printed, GHS 35 billion in 2021 and GHS 42 billion in 2022, exceeded the legally acceptable threshold of 5% of the previous fiscal year’s total revenue.
In response to these accusations, Kyei-Mensah-Bonsu questioned the Minority’s claims and pointed out that the Bank of Ghana’s Governor does not directly report to Parliament. He urged against politicizing the issues surrounding the Bank of Ghana and emphasized the need for accurate examination of the facts.
“The response from the BoG addresses all the inconsistencies and falsehoods peddled against the institution,” Kyei-Mensah-Bonsu asserted. He acknowledged that the country had faced challenges that required intervention from the Bank of Ghana. He also highlighted the BoG’s role in utilizing its international reserves to support the nation during difficult times.
Kyei-Mensah-Bonsu clarified that there is no legal requirement for the Bank of Ghana to report its daily activities to Parliament. He explained that the law only mandates the BoG to report foreign exchange receipts to Parliament, a requirement that the Bank of Ghana has consistently complied with.
He further cited the constitutional principle that any law inconsistent with the Constitution is null and void, suggesting that the Minority’s claims could potentially lack legal basis.
The ongoing debate underscores the complex interplay between government institutions, political factions, and financial matters.
As differing viewpoints emerge, the importance of thorough examination, accurate information, and open dialogue becomes essential in ensuring that public discourse remains grounded in fact and constructive analysis.