{"id":66407,"date":"2024-02-09T08:45:17","date_gmt":"2024-02-09T08:45:17","guid":{"rendered":"https:\/\/www.africa-press.net\/ghana\/uncategorized\/criticisms-against-bank-of-ghana-for-supporting-govt-were-unfair"},"modified":"2024-02-09T09:19:06","modified_gmt":"2024-02-09T09:19:06","slug":"criticisms-against-bank-of-ghana-for-supporting-govt-were-unfair","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/ghana\/all-news\/criticisms-against-bank-of-ghana-for-supporting-govt-were-unfair","title":{"rendered":"Criticisms against Bank of Ghana for supporting govt were unfair"},"content":{"rendered":"

Africa-Press – Ghana. <\/strong><\/span>Vice President Dr. Mahamudu Bawumia has said that the flak that the Bank of Ghana (BoG) received for supporting the government during the economic crisis was unnecessary.<\/b><\/p>\n

He says the central bank was responsible enough to put the interest of Ghanaians ahead by deciding to support the government in dealing with the crisis.<\/p>\n

It is recalled that the Minority in Parliament strongly criticized the Bank of Ghana, saying the central bank was not fit for purpose.<\/p>\n

They bemoaned that the BoG was not able to undertake monetary policy without printing monies.<\/p>\n

In its recent audited report, the Bank of Ghana announced that it had recorded GH\u00a260 billion in losses in its debt restructuring exercise.<\/p>\n

Ranking Member on the Finance Committee, Isaac Adongo said \u201cAll the monies in our banks that they forced them to save with the Bank of Ghana, which we call the Prudential Reserve, have gone to waste.<\/p>\n

\u201cAll the monies that they have been borrowing from abroad in foreign currency to support the Cedi are gone and as a matter of fact, if you even take away government debt that they have incurred GH\u00a248 billion, you will still see that the Bank of Ghana has a hole of GH\u00a222 billion. What this means is that the Bank is not fit for purpose because it cannot undertake monetary policies without printing money because it doesn\u2019t have money.\u201d<\/p>\n

But delivering his address at the University of Professional Studies, Accra on Wednesday Febraury 7, Dr Bawumia is flagbearer of the New Patriotic Party said \u201cThe Bank of Ghana provided needed financing to the government at a critical moment. What the BoG did was very responsible in putting the interest iof the citizens first,\u201d he said.<\/p>\n

Dr Bawumia further stated that one cannot ignore the fact that the outbreak of the Covid pandemic and the Russia-Ukrain war devasted global economies including Ghana.<\/p>\n

He recounted that notwithstanding the challenges that the Akufo-Addo administration inherited from the Mahama administration, they managed to stabilize the economy with all economic indicators pointing in the right direction.<\/p>\n

However, he said, the pandemic and the war impacted negatively on these indicators.<\/p>\n

\u201cNotwithstanding the difficulties we inherited, we had to get on with…we have to among other things fix dumsor, National Health Insurance, cleared the arrears, made education free and accessible<\/p>\n

\u201cBetween 2017 and 2019, all the indicators, economic growth, industry growth, fiscal deficits, and exchange rate were all moving in the right direction.<\/p>\n

\u201cIn 2020 and 2022 we experienced several challenges triggered by the pandemic which brought the world to a halt,\u201d he said during his address at the University of Professional Studies, Accra (UPSA) on Wednesday, February 7.<\/p>\n

For More News And Analysis About Ghana<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Ghana. Vice President Dr. Mahamudu Bawumia has said that the flak that the Bank of Ghana (BoG) received for supporting the government during the economic crisis was unnecessary. He says the central bank was responsible enough to put the interest of Ghanaians ahead by deciding to support the government in dealing with the […]<\/p>\n","protected":false},"author":84,"featured_media":66406,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[5092,5096,429],"class_list":["post-66407","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-ghana","tag-ghana"],"yoast_head":"\nCriticisms against Bank of Ghana for supporting govt were unfair - Ghana<\/title>\n<meta name=\"description\" content=\"Vice President Dr. Mahamudu Bawumia has said that the flak that the Bank of Ghana (BoG) received for supporting the g ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/ghana\/all-news\/criticisms-against-bank-of-ghana-for-supporting-govt-were-unfair\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Criticisms against Bank of Ghana for supporting govt were unfair\" \/>\n<meta property=\"og:description\" content=\"Vice President Dr. Mahamudu Bawumia has said that the flak that the Bank of Ghana (BoG) received for supporting the g ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/ghana\/all-news\/criticisms-against-bank-of-ghana-for-supporting-govt-were-unfair\" \/>\n<meta property=\"og:site_name\" content=\"Ghana\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-02-09T08:45:17+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-02-09T09:19:06+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/ghana\/sites\/18\/2024\/02\/sm_1707457370.125965.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1766\" \/>\n\t<meta property=\"og:image:height\" content=\"1172\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/criticisms-against-bank-of-ghana-for-supporting-govt-were-unfair#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/criticisms-against-bank-of-ghana-for-supporting-govt-were-unfair\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Criticisms against Bank of Ghana for supporting govt were unfair\",\"datePublished\":\"2024-02-09T08:45:17+00:00\",\"dateModified\":\"2024-02-09T09:19:06+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/criticisms-against-bank-of-ghana-for-supporting-govt-were-unfair\"},\"wordCount\":460,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/criticisms-against-bank-of-ghana-for-supporting-govt-were-unfair#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/ghana\/sites\/18\/2024\/02\/sm_1707457370.125965.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Ghana\",\"ghana\"],\"articleSection\":[\"all news\",\"Economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/ghana\/all-news\/criticisms-against-bank-of-ghana-for-supporting-govt-were-unfair#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/criticisms-against-bank-of-ghana-for-supporting-govt-were-unfair\",\"url\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/criticisms-against-bank-of-ghana-for-supporting-govt-were-unfair\",\"name\":\"Criticisms against Bank of Ghana for supporting govt were unfair - 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