The Bank of Ghana (BoG) has denied allegations that it has printed GH¢22.04 billion in new money to finance the 2022 budget without recourse to Parliament.
It said the amount being referred to represented claims on government, and not new currency printed to support the government’s budget.
In a press statement dated July 26, 2022, copied to Graphic Online, the central bank said it found it necessary to provide clarity to the matter that was first raised by the Ranking Member of the Finance Committee, Dr Cassiel Ato Forson.
“The amount of GH¢22.04 billion represents net claims on government, and not new currency printed to support the government’s budget,” it said, noting that the net claims of GH¢22.04 billion comprised the stocks and bonds sold by banks, the country’s allocation of special drawing rights (SDRs) by the International Monetary Fund (IMF), drawdown of government balances with the central bank and negative on the government’s account owing to auction failures.
Below is a copy of the statement from the BoG;
