The Bank of Ghana (BoG) has denied allegations by the Minority in Parliament that it has printed GH¢22.04 billion in new money to finance the 2022 budget without recourse to Parliament.
In a press statement dated July 26, 2022, signed by Ms. Sandra Thompson, Secretary to the Central Bank, said the amount being referred to represented claims on government, and not new currency printed to support the government’s budget.
“The amount of GH¢22.04 billion represents net claims on government, and not new currency printed to support the government’s budget.”
The Bank further noted 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.
Click the link for the full statement
