The Ranking Member on the Finance Committee of Parliament, Dr Cassiel Ato Forson has reiterated that the bank of Ghana printed cash into the economy without recourse to Parliament.
His reaction follows a sharp denial by the bank of Ghana over the alleged printing of cash to put life into the economy.
Deputy Finance Minister Dr John Kumah also denied the claim, stating that the said amount was an overdraft advanced by the Central Bank to the government and there was nothing illegal about it.
“If you read section 30 of the Bank of Ghana Act, it is within the remit of the law for Bank of Ghana to grant overdrafts and support to the Central government without printing money,” he added.
But Dr. Ato Forson, a former deputy Finance Minister has lashed out on his colleague on Parliament’s Finance Committee over his defense of the matter.
He said John Kumah does not appreciated the nuances of finance and must not be seen pretending to showcase knowledge over the matter which is has stoked controversy on the floor of Parliament.
Despite the Majority side’s argument, Ato Forson argued that when the Bank of Ghana gives money to the government it is called printing of money and that is unacceptable.
“Yesterday, I heard the Deputy Minister for Finance, John Kumah trying to say that if the Central Bank lends money to the Government of Ghana, it doesn’t mean printing… I beg to say if this is his understanding of economics then he has no business at the ministry of Finance,” Ato Forson jabbed. “he doesn’t know that when the Central Bank gives money to Government it is printing of money.”
“You see, the Central Bank is not a deposit taking institution; He is a lawyer and I urge him not to dabble in things he has very limited knowledge on… And he should not pretend to know things he has Very little knowledge on. If he needs tutorials, he should join the NDC and we’ll teach him.”