The Majority leader in parliament, Osei Kyei-Mensah-Bonsu, has disclosed what his disagreement is, with the NDC minority position on the affairs of Ghana’s Central Bank.
The Minority in Parliament has accused the Bank of Ghana of lacking reasonable justification for printing substantial amounts of money in 2021 and 2022 to finance the government’s needs. They argue that these actions violate the governing law by exceeding the legally acceptable threshold of 5% of the previous fiscal year’s total revenue.
In response, Osei Kyei-Mensah-Bonsu emphasized that the Governor of the Bank of Ghana does not report directly to Parliament and called for a less partisan approach to the matter. He noted that politicizing issues related to the Bank of Ghana can be detrimental to the country’s well-being.
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He further explained that there is no law mandating the Bank of Ghana to report its daily activities to Parliament. Instead, the law requires the Bank to report foreign exchange receipts to Parliament, a mandate that the Bank has consistently fulfilled.
Majority Leader on NDC Minority
Kyei-Mensah-Bonsu took a swipe at the Minority leader, Ato Forson, stating that should know better since he had worked as a deputy minister of finance in the previous administration.
“Ato Forson should have known better because he has held the position of deputy minister of finance before and knows the operations of the Bank of Ghana. So, if you politicise issues of the BoG, it is not good for the country.
“There is no law that mandates the BoG to report its daily activities to Parliament. The law only mandates the BoG to report foreign exchange receipts to Parliament and the BoG has always complied with this provision. The BoG does not report directly to Parliament,” he noted.
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Osei Kyei-Mensah-Bonsu also highlighted that the Constitution states that any law inconsistent with the Constitution is null and void. He suggested that the Minority might be overemphasizing certain issues or not taking the time to thoroughly examine the facts surrounding the Bank of Ghana’s actions.
He also defended the Bank of Ghana’s response to the accusations and emphasized the institution’s role in supporting the country during challenging times by utilizing a portion of its international reserves to provide assistance.