business
Ghana Central Bank denies printing GH22.04 billion.
The Bank of Ghana (BOG) has denied printing GH22.04 billion, claiming that the figure reflects net claims on the government rather than new currency printed to support the government’s budget.
In a statement in response to
allegations made by the Minority Ranking Member of Parliament’s Finance Committee that BOG printed GH22.04 billion to finance the government’s budget without parliamentary approval.
According to the Bank, the net claims include GoG stocks and bonds sold by commercial banks under repurchase agreements, as well as IMF SDR allocations disbursed to the government via the Bank of Ghana. Using the government’s own deposits and borrowing
At one point in time, the government’s account with the Bank of Ghana had a negative balance.
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