The Bank of Ghana (BoG) has refuted an allegation by the National Democratic Congress (NDC) MP for Bolgatanga Central, Isaac Adongo, that it has illegally given over GHC70 billion to the government.
In a statement on Friday (11 November), the BoG said the “allegations [were] aimed at impugning the hard-won credibility of the Bank of Ghana and its management”.
Last Tuesday (8 November 2022) Adongo alleged that the Bank of Ghana (BoG) had illegally given over GHC70 billion to the government to finance maturing debts on the domestic market.
According to him, the move by the central bank was contrary to the Financial Management Act.
The MP alleged that the Bank of Ghana had “illegally” financed the government to the tune of GHC70 billion or more since 2021.
But the central bank said that Adongo provided “false data and made unfounded allegations”.
Read the Bank of Ghana’s full statement below:
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