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Bank of Ghana denies giving gov’t GH¢70bn illegally

The Bank of Ghana has refuted claims by the Member of Parliament for Bolgatanga Central, Isaac Adongo, that it illegally gave over GH¢70 billion to the government to finance maturing debts on the domestic market.

In a statement, the Central Bank described the allegations as “false and unfounded”.

Adding that the allegations were made with the intention of “impugning the hard-won reputation of the Bank of Ghana and its Management.”

Mr. Adongo had alleged that the move by the Central Bank was contrary to the Financial Management Act.

In an interview with the media, the ranking member on the Finance Committee of Parliament also called for the resignation of Mr Addison.

According to Mr Adongo, the rise in inflation, depreciation of the cedi and worsening economic conditions are a result of policy decisions of the Governor, hence his call for his dismissal.

Attached below is the full response by the Bank of Ghana:

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