The Minority Leader, Dr. Cassiel Ato Forson, has made serious allegations against the Bank of Ghana, accusing it of being responsible for the depletion of Ghana's external reserves.

During the presentation of the Minority's response to the 2023 mid-year budget review in Parliament, Dr. Forson asserted that the Bank of Ghana's practice of printing money led to the unprecedented depreciation of the Cedi in 2022, resulting in hyperinflation.

According to Dr. Forson, the Cedi depreciated from GHC6:$1 to over GHC15:$1 in 2022, representing a straight-line calculation of over 100% depreciation.

He claimed that this depreciation, along with inflation, has adversely affected the financial status of citizens, with the rich slipping into the middle class and poverty worsening for the poor.

He cited a World Bank report stating that around 850,000 people were pushed further below the poverty line due to inflation alone in 2022.

The Minority Leader accused the government and the Bank of Ghana of initially denying the act of printing money to finance bloated government expenditures in 2022 but later admitting to the practice.

“Paragraph 8 of the IMF Staff Report gives further detail that the Bank of Ghana illegally printed over GHC45 billion representing 7.2% of GDP in 2022 alone, and GHC35 billion in 2021. This is the first in the history of Ghana”, he said.

He cited the IMF Staff Report, which detailed that the Bank of Ghana illegally printed over GHC45 billion in 2022, representing 7.2% of GDP, and GHC35 billion in 2021 – the first such occurrence in Ghana's history.

Describing the Central Bank as a "crime scene," Dr. Ato Forson blamed the government and its economic managers, led by Mr. Strategist, for aiding and abetting this economic crime. He pointed out that under the current economic managers, Ghana's public debt surged from GHC120 billion in 2016 to GHC600 billion by the end of 2022, indicating an increase of about 400%. This high level of debt resulted in Ghana defaulting on repayment obligations to both local and foreign debtors for the first time in its history.

Dr. Forson also raised concerns about the collapse of Ghana's financial sector, with all 23 banks recording massive impairment losses of over GHC18 billion in 2022.

He stressed that this financial mismanagement by the government has had unprecedented consequences, and he believes the Bank of Ghana requires urgent attention due to its major financial distress and bankruptcy.

The accusations by the Minority Leader highlight the economic challenges facing Ghana and the need for transparent and prudent financial management to address the issues at hand.