{"id":758793,"date":"2019-12-05T11:10:07","date_gmt":"2019-12-05T11:10:07","guid":{"rendered":"https:\/\/ghana-mma.com\/2019\/12\/05\/minority-chases-bog-governor-over-new-cedi-notes\/"},"modified":"2019-12-05T11:10:07","modified_gmt":"2019-12-05T11:10:07","slug":"minority-chases-bog-governor-over-new-cedi-notes","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2019\/12\/05\/minority-chases-bog-governor-over-new-cedi-notes\/","title":{"rendered":"Minority Chases BoG Governor – Over New Cedi Notes"},"content":{"rendered":"

<\/p>\n

\n

NDC minority in parliament<\/strong><\/p>\n

The National Democratic Congress (NDC) Members of Parliament have expressed their intention to drag the Governor of the Bank of Ghana (BoG), Dr. Ernest Addison, before Parliament to account to Ghanaians the total cost incurred in printing the new cedi notes released by the bank last week.<\/p>\n

Making
\ntheir intention known at a press conference in Parliament yesterday, the
\nMinority Leader, Haruna Iddrisu, said the nation would like to know not only
\nthe total cost incurred but also the cost of each note compared to its face
\nvalue and how the bank intends to use any potential \u2018profit\u2019 made from the
\nprinting of the notes.<\/p>\n

According
\nto the Minority, the BoG is most likely to make a profit of GH\u00a23.8 billion if
\nit prints 20 million pieces of the new GH\u00a2200 which in financial terms is
\ncalled \u2018seigniorage revenue\u2019.<\/p>\n

The
\nMinority leader said that the profit made on printing the new currencies could
\nbe used to fund the campaign of the ruling New Patriotic Party (NPP) in the
\n2020 general elections.<\/p>\n

He
\nsaid the printing of the new higher currencies could easily fuel inflation and
\nbring a lot of financial burden on Ghanaians, stressing that when the
\nopposition NDC wins power in 2020, it will definitely conduct a forensic audit
\ninto the entire exercise as well as others which will focus on the individual
\nroles played by members of the board of the BoG and friends and family members
\nof the President. <\/p>\n

In
\nthe opinion of the Minority NDC in Parliament, there is absolutely no
\njustification for the central bank to embark on this exercise, stressing that
\nthe central bank\u2019s own economic and financial data reveals that current money
\ngrowth is not below the optimal rate.<\/p>\n

\u201cThe
\nlatest data from the Bank of Governor as from the end of October 2019 suggests
\nthat reserve money growth was 26.1% in October 2019 as compared to 4.3% in the
\nsame period last year while Narrow money (M1) also recorded a spike of 22.6% in
\nOctober, 2019 as compared to 14% during the same period last year,\u201d the Minority
\nleader said.<\/p>\n

The Minority NDC, therefore, described as complete waste of the nation\u2019s resources the printing exercise by the BoG at a time when its own balance sheet is in a very precarious state and needed re-capitalization.<\/p>\n

By Thomas Fosu Jnr<\/strong> <\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

NDC minority in parliament The National Democratic Congress (NDC) Members of Parliament have expressed their intention to drag the Governor of the Bank of Ghana (BoG), Dr. Ernest Addison, before Parliament to account to Ghanaians the total cost incurred in printing the new cedi notes released by the bank last week. 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