Printing of $3.3bn for gov’t makes BoG potentially bankrupt – IEA

The Director of Research at the Institute of Economic Affairs (IEA), Dr. John Kwakye, said the Bank of Ghana had allowed its balance sheet to be destroyed by Section 30 of the Bank of Ghana Act.

According to him, it is sad the Bank of Ghana unlawfully printed $3.3 billion for government and received a paper in return and this has made the Bank to become potentially bankrup.

“It is unacceptable for BoG to allow its balance sheet to be destroyed by this act. The Bank stands becoming potentially bankrupt” he said.

In a tweet, Dr. Kwakye, who was until recently a member of the Monetary Policy Committee of the BoG, said, this will severely impair the Bank’s balance sheet.