National Communications Officer of the National Democratic Congress has cause to ask a co-panelist during a live TV show whether he was living in Ghana.
Sammy Gyamfi’s question was directed at New Patriotic Party (NPP) Member of Parliament for Kwadaso, Eugene Nyarko, who denied ever knowing that the Bank of Ghana had printed monies in excess of 50 billion for government, contrary to its constitutional threshold.
“This is the first time I am hearing what you are saying,” the MP told host of Good Morning Ghana, Randy Abbey on March 9, during a discussion on president Nana Addo Dankwa Akufo-Addo’s State of the Nation Address (SoNA).
“Really, are you not living in Ghana? The Bank of Ghana has been issuing statement after statement,” Gyamfi asked in shock.
The MP’s response came after Randy Abbey stated that he did not trust a Central Bank that went against its own Act to print money for government and to pretend to be fighting inflation month-on-month.
“I don’t trust the Central Bank. It is sad to say that when a Central Bank that holds Monetary Policy meetings and tells us that it is fighting inflation, criminally and illegally prints over 50 billion in excess of what its own Act allows it to borrow to government, how can I trust such an institution.
“Tell me whether there is a basis to trust,” he stressed.
The MP responded that Randy appeared baffled and needed to seek clarity from the Central Bank because no law is sacrosanct.
“I am not baffled, I am saying that there is a law, does the law say that maximum of 5%? Does this law, Section 30, provide for that exception? Why will I be referring to the law when I have not read it?”
Randy lamented how the BoG governor had also failed to go to parliament and inform the House that they had hit the limit of 3.5 billion cedis in statutory borrowing to the government instead of printing “over 50 billion on the blind side of everybody.”