Bank of Ghana is a respected institution but they are making many mistakes – Pianim

The Bank of Ghana (BoG) is heavily respected outside Ghana but it has been committing several mistakes, a renowned economist Kwame Pianim has said.

In the view of Mr Pianim, officials of the Bank should have held meetings with members of the Finance Committee of Parliament to explain to them the dire situation that the country found itself in and also made available to them the measures outlined to resolve the problems.

If this meeting had been done, he said, there would not have been this hullabaloo around the support that the Bank gave to the government.

The Bank of Ghana is respected outside but they are making mistakes, he said.” he said.

He added, “They should have alerted the entire committee of the chair about the challenges and that we are going to print money.”

Mr Pianim further indicated that Ghana is in a deep crisis.

“Where we are now is difficult, we have never been there before, we need to sit up now and, we are not on the road yet we haven’t turned the corner,” he said.

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It is recalled that Finance Minister Ken Ofori-Atta told Parliament that the government had turned the corner relative to the economic challenges.

He said during the presentation of the 2023 mid-year budget review on Monday, July 31 that with a lot of effort, the government managed to avoid empty shop shelves for medicines and other essentials the country has seen no shortages of food;

“We have been spared the frustrating spectre of long queues for fuel at our filling stations; and, we have managed, in spite of all the challenges, to keep the lights on,” he said.

“Indeed, as the Psalmist said (in Psalm 118:23) this is the LORD’s doing; and it is marvellous in our eyes.

“This ‘turning the corner’ is underpinned by the investments and sacrifices we have
collectively made during this difficult period since March 2020,” he added.

Source:3news.com