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A Central Bank that criminally and illegally prints money cannot be trusted – Randy Abbey



Host of Good Morning Ghana programme on Metro TV, Randy Abbey is unrelenting in his critique of the Bank of Ghana after it emerged the apex bank had printed and borrowed over 50 billion cedis to government.

Randy Abbey insists doing so is what had triggered the galloping inflation that Ghana is grappling with whiles the bank always holds Monetary Policy Meetings with the view to combatting the same inflation it was fueling by its action.

Randy Abbey in seeking the view of the New Patriotic Party (NPP) Member of Parliament for Kwadaso, Eugene Nyarko, who admitted not knowing BoG had breached its own Act, admitted he did not trust the apex bank.

“I don’t trust the Central Bank. It is sad to say that when a Central Bank that holds Monetary Policy meetings and tells us that it is fighting inflation, criminally and illegally prints over 50 billion in excess of what its own Act allows it to borrow to government, how can I trust such an institution.

“Tell me whether there is a basis to trust,” he stressed.

The MP responded that Randy appeared baffled by the actions of BoG which perhaps could have stated reasons adding that the host needed to seek clarity from the Central Bank because no law is sacrosanct.

“I am not baffled, I am saying that there is a law, does the law say that maximum of 5%? Does this law, Section 30, provide for that exception? Why will I be referring to the law when I have not read it?”

Randy lamented how the BoG governor had also failed to go to parliament and inform the House that they had hit the limit of 3.5 billion cedis in statutory borrowing to the government instead of printing “over 50 billion on the blind side of everybody.”

On his part, National Communications Officer of the National Democratic Congress, who was a co-panelist has cause to ask the MP whether he was living in Ghana.

Sammy Gyamfi’s responded when the MP denied ever knowing that the Bank of Ghana had printed monies in excess of 50 billion contrary to its constitutional threshold.

“This is the first time I am hearing what you are saying,” the MP told host of Good Evening Ghana, Randy Abbey during a discussion on president Nana Addo Dankwa Akufo-Addo’s State of the Nation Address (SoNA).

“Really, are you not living in Ghana? The Bank of Ghana has been issuing statement after statement,” Gyamfi asked in shock.

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