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| Dr. Richard Amoako Baah. |
Former Political Science lecturer at the Kwame
Nkrumah University of Science and Technology (KNUST), Dr. Richard Amoako
Baah has indicated that the opposition National Democratic Congress (NDC)
is correct in claiming that the Central Bank has issued new currency notes.
Last week, Cassiel Ato-Forson, a
ranking member of Parliament's Finance Committee, said that according to
the Finance Minister's mid-year budget assessment. The Bank of Ghana, BoG,
granted the government GH22 million, according to Ken Ofori-Atta.
According to him, the money has been
pumped into the economy in the form of fresh currency notes, but this
assertion has been denied by the government and the central bank.
The former lecturer claimed facts at his disposal
indicated that the NDC was stating the truth and that even the International
Monetary Fund had indirectly confirmed the problem when he discussed it on Okay
FM in Accra last week.
"It is true. even the IMF mentioned it, but
they do not say it in a manner for people to grasp so to avoid any skirmishes.
"They (IMF) confirmed that the Bank of Ghana
is still financing the government, that is the meaning. Self-financing the
government means government goes to them (BoG) for money. Let no one lie to
you.”
He emphasised this to the point that he said the
BoG does not accept deposits like a typical bank. Furthermore, it was illogical
for the deputy finance minister to assert that the amount was an overdraft.
"They claim it is an overdraft to government;
they are financing government and it's not only in Ghana, but it is also a
temporary measure where you print more money to pay internal debts. But it is
done in such a way that the amount is withdrawn from the system in the short
term.
"Let no one think they can lie to us...they
will resort to this same measure when they fall on hard times.”, he added.
He said it was only a matter of time before the
truth will come out. "The IMF knows. the printing house also knows, so it
is just a matter of time before the issue becomes public. Ratings will fall
with a move like this and it is not good for the economy.”
In the midst of a severe economic crisis, which
the administration attributes in part to the effect of the COVID-19 epidemic
and the Russia-Ukraine conflict, the government is now in discussions with the
IMF about a financial rescue plan.
Video Below:
Source: ghananews.hrforum.uk
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