Member Ajumako Enyan Esiam Constituency Casil Ato Forson alleges that the Minister for Finance, Ken Ofori Atta and the NPP government have encouraged the Bank of Ghana to print new cedi notes worth 22 billion cedis. This decision, he says, was taken without parliamentary approval.
The MP opines that this might account for the high inflation rate and dwindling reserves position. He further explains that when money is created out of thin air, it leads to a drop in reserves because of new consumption.
The minority says that the move by the Bank of Ghana and the government is illegal and expressed surprise that the finance minister failed to mention that when presenting the mid-year budget review in parliament on Monday, July 25, 2022, but hid it in the appendices of the document.
He is projecting that inflation may hit 50% by the year 2022.
