BoG in current crisis due to illegal, criminal printing of money for reckless Akufo-Addo gov’t – Sammy Gyamfi

The National Communications Officer of the National Democratic Congress (NDC), Sammy Gyamfi has rejected the Bank of Ghana’s defense of its 2022 Annual Report and Financial Statement.

According to him, the Central Bank is in a crisis because of its illegal and criminal printing of money for President Akufo-Addo’s government.

Among the things reported in the 2022 Annual Report and Financial Statement of BoG in July, the Central Bank spent a whopping GHS131.6 million on Motor vehicle maintenance and running in 2022 alone - a 114% increase over the previous year’s expenditure.

Foreign and domestic travels of the Bank of Ghana cost the Ghanaian taxpayer a staggering GHS97.4 million, which is about a 246% increase over the previous year.

In addition, the Central Bank incurred a loss of GHS60 billion.

Worried by the state of BoG, the Minority in Parliament has given Governor Dr. Ernest Addison a 21-day ultimatum to resign.

On Wednesday, August 9, when the BoG issued a press release to reply to the Minority, it provided a further breakdown of the figures and explained the GHS60 billion losses were incurred largely because of the Domestic Debt Exchange Programme (DDEP) run by government.

This has been rejected by Sammy Gyamfi who insists that the crisis the BoG finds itself in is self-inflicted.

Speaking on the Good Morning Ghana Show on Metro TV, he said “It is very clear from all the facts that the Bank of Ghana is indeed in this quagmire primarily because of two things. The first one is the illegal and criminal printing of money for the reckless Akuffo-Addo/Bawumia nation-wrecking government.

“The second one is the outrageous so-called operational expenses the bank engaged in last year. These two factors are the main factors why the Bank of Ghana is in this mess.”

The NDC National Communications Officer just like the Minority in Parliament is of the view that BoG Governor Dr. Ernest Addison must leave his role.