Dr. Ernest Addison, the governor of the Bank of Ghana (BoG) has refuted the claims that the central bank finance the government to print new Cedi notes.
According to him, it is totally wrong for anyone to say that the Bank of Ghana printed new notes to fund the government 2022 budget.
Speaking at the 11th Monetary Policy Committee (MPC) media conference monitored by 1Family Radio, the governor indicated that the central bank has enough cash in their vaults and they release then when the need arises.
“Generally, the central bank ‘s estimate for currency printing does not include financing government’s need, we make our forecast of the GDP annually, a major factor in that is the cocoa production forecast. This is what currency printing entails,’’ he noted.
He furthered that the Bank of Ghana has enough currency at their office at Spintex and for this reason, they don’t have to print new money.
“We have our currency processing center at the bank’s office at the Spintex road. There is vault full of Cedis therefore there is no need to print new notes.”
Dr. Addison stated that these resources are only released when there is a need for it. “We have cash sitting on our vault and we release these monies as and when the economy demands,’’ he disclosed.
“It is therefore totally wrong and malicious for Ghanaians to think that the central bank printed money to finance overdraft,’’ he reiterated.
Source: 1Familyradio
