BOG denies giving government 70 billion cedis

The Bank of Ghana, BOG has denied allegations by the Member of Parliament for Bolga Central, Isaac Adongo, that it gave more than 70 billion cedis to the government to finance maturing debts on the domestic market.

In a statement, the Central Bank described the allegations as “false and unfounded” adding that the allegations are aimed at “impugning the hard–won credibility of the Bank of Ghana and its Management.

Mr. Adongo had alleged that the move by the Central Bank was contrary to the Financial Management Act.

In an interview with the media, the member of the Finance Committee of Parliament also called for the resignation of Mr Addison.

According to Mr. Adongo, the rise in inflation, depreciation of the cedi and worsening economic conditions are a result of policy decisions of the Governor, hence his call for his dismissal.

Source: GBC