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BoG has printed ¢22b without parliamentary approval – Ato Forson alleges
Former Deputy Finance Minister, Dr. Cassiel Ato Forson has accused the government of encouraging the Bank of Ghana to print an amount of GH¢22 billion without Parliamentary approval.
According to him, the fresh currency notes were printed between January and June 2022.
The information, according to Dr Forson, is hidden on page 97 of Appendix 2a of the Mid-year budget under the section on Bank of Ghana.
“They have printed GH¢22 billion fresh money without the knowledge of Parliament and without informing all of us,” he said while addressing the press on Monday.
The Ranking Member on the Finance Committee of Parliament said the act is illegal and against the Bank of Ghana Act.
He indicated that the printing of the currencies has contributed to the rise in inflation, adding that “if this trend continues I won’t be surprised that we will end the year with inflation of about 50 percent.”
“I am saddened, no wonder inflation is galloping, no wonder that our reserves position is dwindling. Because when you create new money out of the thin air, what happens is that inflation will go up and obviously because it is new money, you will end up losing your reserves because there would be new consumption,” he said.
As a result, he urged the Minister to return and deliver a new mid-year budget since the omission of the GH¢22 billion cedis is pervasive and scandalous.
He also had a word for the Governor of the Bank of Ghana.
“I want to urge the Governor of the central bank that he has engaged in gross illegality and in future if he is asked to print money, he should first come to Parliament before he acts.”
Source: www.myjoyonline.com
The Ghana First Alliance, a movement, is today staging a protest in Accra against the renewal of the mining licence of Gold Fields, a mining company owned by a South African citizen operating in Ghana.
The demonstration, dubbed “Operation No Contract Renewal: South Africa Must Go,” is being held to demand that government does not renew the company’s licence.
The group says their protest is linked to recent xenophobic attacks in South Africa by a protest group known as “march to march.”
They claim that many Ghanaian-owned shops were looted, while others were attacked, with some cases leading to deaths.
They also say the situation forced the Ghana government to evacuate thousands of Ghanaians from South Africa back to Ghana.
Speaking to some of the protesters, they said they will move to several key locations in Accra, including the Ministry of Lands and Natural Resources, the Ministry of Foreign Affairs, and the Jubilee House, where they intend to present their petition.
The protesters are calling on government to terminate the Gold Fields contract and hand over the mining concessions to capable Ghanaians to manage.
By: Jacob Aggrey
Ghana’s First Lady, Lordina Mahama, has made a generous donation to the country’s national female Under-17 and Under-20 teams – Black Maidens and Black Princesses- as they continue preparations for major international assignments.
The donation, made on Friday, May 22, was presented on behalf of the First Lady by the Minister for Gender, Children and Social Protection, Agnes Naa Momo Lartey, at the GFA Technical Centre in Prampram.
The gesture forms part of efforts to motivate and support Ghana’s young female footballers as they prepare to represent the country on the international stage.
The donation included essential food items and toiletries aimed at supporting the welfare and well-being of the players and technical teams.
The donation included cartons of Milo, T-rolls, soft drinks, toiletries, and a range of essential supplies aimed at supporting the welfare of the players, enhancing camp conditions, and easing preparations ahead of their respective assignments.
The Black Maidens are currently engaged in preparations for the FIFA U-17 Women’s World Cup qualifiers and are set to take on Liberia women’s national under-17 football team in the second-leg encounter in Liberia this weekend.
Meanwhile, the Black Princesses have already secured qualification to the FIFA U-20 Women’s World Cup after overcoming Uganda in the qualifiers, extending Ghana’s remarkable record to eight consecutive appearances at the tournament.
The donation by the First Lady was expected to boost morale within both camps while reinforcing national support for the young female footballers who continue to make the country proud.
