Randy Abbey, host of Good Morning Ghana on Metro TV, has criticized the Bank of Ghana when it was revealed that the central bank had printed and borrowed more than 50 billion cedis for the government.
When asked what he thinks caused the rising inflation Ghana is currently experiencing, Randy Abbey was quick to point the finger at the bank, which regularly holds Monetary Policy Meetings with the intention of battling the inflation it is responsible for causing.
Randy admitted he did not have faith in the central bank after consulting Eugene Nyarko, the Member of Parliament for Kwadaso and a member of the New Patriotic Party (NPP).
“I don’t trust the Central Bank. It is sad to say that when a Central Bank that holds Monetary Policy meetings and tells us that it is fighting inflation, criminally and illegally prints over 50 billion in excess of what its own Act allows it to borrow to government, how can I trust such an institution.” Tell me whether there is a basis to trust.”
The MP responded that Randy appeared baffled by the actions of BoG which perhaps could have stated reasons adding that the host needed to seek clarity from the Central Bank because no law is sacrosanct.
“I am not baffled, I am saying that there is a law, does the law say that maximum of 5%? Does this law, Section 30, provide for that exception? Why will I be referring to the law when I have not read it?”
Randy was upset that the governor of the Bank of Ghana (BoG) had printed “over 50 billion on the blind side of everybody” rather than going to parliament to tell the House that the BoG had reached its constitutional borrowing limit of 3.5 billion cedis.
The National Communications Officer of the National Democratic Congress, who was also a panellist, has reason to inquire as to whether the member of parliament resides in Ghana.
Sammy Gyamfi answered when the member of parliament denied ever knowing that the Bank of Ghana had issued money in excess of its constitutional limit of 50 billion.
“This is the first time I am hearing what you are saying,” the MP told host of Good Evening Ghana, Randy Abbey during a discussion on president Nana Addo Dankwa Akufo-Addo’s State of the Nation Address (SoNA). “Really, are you not living in Ghana? The Bank of Ghana has been issuing statement after statement?” Gyamfi asked in shock.
Source – Tru News Report
