BoG does not report directly to Parliament - Kyei-Mensah-Bonsu to Minority
The Majority Leader in Parliament, Osei Kyei-Mensah-Bonsu says the Bank of Ghana (BoG) is not obligated to report directly to Parliament.
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Reacting to the call by the Minority in Parliament for the BoG to account to Parliament in relation to the 60 billion losses declared, Mr Kyei-Mensah-Bonsu criticized the Minority's approach and urged against turning every matter into a political battle.
The Minority, led by Dr. Cassiel Ato Forson, had raised concerns over the amount of money printed by the central bank in 2021 and 2022 to fund government operations.
They have argued that this action is a direct violation of the Bank of Ghana Act and called for the Governor of the BoG to appear before Parliament to provide explanations.
"The Bank of Ghana Governor does not directly report to Parliament. We should not make everything about NPP and NDC. Ato Forson should have known better because he has held the position of deputy minister of finance before and knows the operations of the Bank of Ghana," Mr Kyei-Mensah-Bonsu said in a radio interview with Accra based Oman FM on Monday.
He said except for reporting on foreign exchange receipts, the Bank of Ghana is not legally required to submit daily activity reports to Parliament.
The BoG has consistently adhered to the provision of reporting foreign exchange receipts as mandated by law, he said.
Mr Kyei-Mensah-Bonsu who is the Member of Parliament for Suame in Kumasi and Minister of Parliamentary Affairs questioned the understanding of Dr. Ato Forson, a former Deputy Finance Minister, regarding the BoG's reporting structure.
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He indicated that the intricacies of the central bank's operations should be well-known to someone who had served in a finance-related capacity asserting that issues of this nature should not be politicized.