Bank of Ghana denies printing GH¢22 billion to fund budget

The Bank of Ghana (BoG) has denied allegations by the Minority in Parliament that it has printed an amount of GH¢22.04 billion which is fresh money to finance the 2022 budget without Parliamentary approval.

In a press statement dated July 26, 2022, signed by Ms. Sandra Thompson, Secretary to the Central Bank, said the amount being referred to represented claims on government, and not new currency printed to support the government’s budget.

“The amount of GH¢22.04 billion represents net claims on government, and not new currency printed to support the government’s budget.”

The Bank further noted that the net claims of GH¢22.04 billion comprised the stocks and bonds sold by banks, the country’s allocation of special drawing rights (SDRs) by the International Monetary Fund (IMF), drawdown of government balances with the central bank and negative on the government’s account owing to auction failures.