Bolga Central MP Isaac Adongo has accused Governor of the Bank of Ghana (BoG) of illegally\u00a0giving an amount of\u00a0 \u00a270 billion to the government to finance matured debts.\u00a0\u00a0<\/b><\/p>\n
The Deputy Ranking Member on the Finance Committee has served notice to\u00a0sue Dr Addison over the matter.<\/p>\n
Addressing a press conference in Parliament on Tuesday November 8, he said \u201cAsk yourself why the same taxes that we imposed on petroleum products two years ago to deliver a liter of 4. 50 pesewas.<\/p>\n
\u201cSo essentially, now the\u00a0 problem is not even about the taxes, it is about the exchange rate. Who is supposed to manage the exchange rate? It is the governor of the central bank Dr Addison.\u201d<\/p>\n
He added \u201cAnother big problem we have now is inflation. the Bank of Ghana manages the inflationary target framework whiles the Ghana Statistical service reports actually but the man who is in charge of the\u00a0 managing our inflation targeting framework and ensuring that inflation expectations are anchored, is the Governor of the Central Bank.<\/p>\n
\u201cThe inflationary targeting framework within the confines of\u00a0 the Bank of Ghana provided very strict rules on what we call fiscal governance over monetary policy, in other words\u00a0 there are strict rules on the government of Ghana can borrow from the Bank of Ghana.<\/p>\n
\u201cThose restricted rules are quite clearly stated that the BoG\u00a0 at any point in time should not have lent more than five percent\u00a0 of the pervious revenue cumulatively. If you consider last year \u2018s revenue then\u00a0 the government cannot even borrow five million Cedis from the BoG.<\/p>\n
\u201cBut by the end of the year 2021, Dr Addison has illegally lent to government\u00a0 35billion\u00a0 cedis, and by May this year he had added an additional 22billion when the Minister came at Mid year review. As we speak today, Dr Addison has been financing government and paying maturing debt\u00a0 obligations\u00a0 the domestic market that the government cannot find, we are currently looking at something in excess of 7billion\u00a0 of illegally borrowing\u00a0 by the Government f Ghana\u00a0 from the BoG.<\/p>\n
\u201cIf you have a corrupt government\u00a0 such as Akufo-Addo and\u00a0 Dr Bawumia and you pump 70billion to the economy\u00a0 that does not belong to the economy, they steal them and they\u00a0 put them in their rooms\u00a0 under their beds.<\/p>\n
\u201cUnder the current circumstance\u00a0 the best storage of\u00a0 money is Dollars and not Cedis. So Dr Addison\u2019s 70 billion\u00a0 are now in the homes\u00a0 and beds of\u00a0 government functionaries , is what is chasing the Dollar.<\/p>\n
\u201cHow can Dr Addison still be the Governor of the Central bank . I call on Dr Addison Addison as a matter of urgency to exit BoG\u00a0 and give Ghana the chance t clear the mess. Today I have instructed my lawyers\u00a0 to serve him notice\u00a0 and to remind him again\u00a0 of a letter I served him, that if by the end of the third meeting of the second sitting\u00a0 of the 8th Parliament, he has not complied with his obligation to parliament for us to exercise our\u00a0 oversight, I will sue him and I will proceed to court.\u201d<\/p>\n
By Laud Nartey|3news.com|Ghana<\/strong><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"Bolga Central MP Isaac Adongo has accused Governor of the Bank of Ghana (BoG) of illegally\u00a0giving an amount of\u00a0 \u00a270 billion to the government to finance matured debts.\u00a0\u00a0 The Deputy Ranking Member on the Finance Committee has served notice to\u00a0sue Dr Addison over the matter. Addressing a press conference in Parliament on Tuesday November 8, […]<\/p>\n","protected":false},"author":1,"featured_media":1246599,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[72],"tags":[2723,1084,566],"class_list":["post-1246595","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-adongo","tag-bog","tag-boss"],"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1246595","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/comments?post=1246595"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1246595\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/media?parent=1246595"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/categories?post=1246595"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/tags?post=1246595"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
![\"\"](\"http:\/\/www.ghanamma.com\/wp-content\/uploads\/2022\/11\/ADDISON-.png\" "\\"ADDISON")