The National Communications Officer of the National Democratic Congress (NDC), Sammy Gyamfi, has raised concerns about the Bank of Ghana’s significant losses, attributing them to the illegal printing of money.
During an interview with Randy Abbey on Metro TV on August 3, 2023, Sammy Gyamfi highlighted that the central bank has reported unprecedented losses of GH¢60.8 billion and negative equity of GH¢65-70 billion, making it insolvent for the first time in its history.
He attributed these losses to the government’s decision to print money beyond the legally permitted threshold of 5%. According to him, the Bank of Ghana can provide overdrafts and short-term loans to the government during crises, but it should not exceed 5% of the previous year’s total revenue.
However, he pointed out that the government printed over 80 billion, leading to a situation where they are unable to pay off their debts. This massive debt incurred by the Bank of Ghana is in violation of the institution’s Act.
Sammy Gyamfi criticized the government officials responsible for these actions, calling for accountability and explanations regarding the violation of the law. He expressed dismay that instead of taking responsibility, they are issuing press releases.
He also emphasized that the printing of money was a major factor contributing to the hyperinflation problem faced by the country.
