Felix Kwakye Ofosu Rebuts Minority Claims of Illegal Money Printing by Bog
ACCRA, Ghana — Contributing to the debate on the 2026 Budget Statement, in parliament on Tuesday as Presidential Spokesperson and Member of Parliament for Abura-Asebu-Kwamankese, Felix Kwakye Ofosu, delivered a firm defense of the Bank of Ghana (BoG), rejecting allegations from the Minority that the central bank illegally printed money to finance the newly established Ghana Gold Board (GoldBod).
Addressing the House, Kwakye Ofosu dismissed the accusations as “false, inconsistent, and politically motivated,” arguing that the Minority was misrepresenting the nature of the central bank’s involvement in the government’s gold-for-reserves operations. “The Bank of Ghana has not printed a dime to give to the Gold Board,” Kwakye Ofosu said on the floor of Parliament. “Our colleagues on the other side must make up their minds about what exactly they believe this government has done or not done.”
According to him, the central bank merely acts as an intermediary between commercial banks and the Gold Board—facilitating the purchase, export, and repatriation of gold proceeds, which are then returned to the same commercial banks that supplied the initial funding.
He clarified that the arrangement does not constitute money printing or deficit financing but rather a market-neutral intermediation model, designed to support Ghana’s reserves and exchange rate stability.
Kwakye Ofosu elaborated that commercial banks seeking foreign exchange provide funds to the Gold Board for gold purchases. The Gold Board exports the gold, earns hard currency, and returns the proceeds to the Bank of Ghana, which then passes it back to the same banks. “That is what my colleague Honorable Adongo referred to as intermediation. That is what has happened,” he said, emphasizing that the model has strengthened Ghana’s reserve position without inflating the money supply.
He added that despite the previous government’s accumulation of nearly 30 tonnes of gold, the currency continued to weaken sharply, further undermining their criticism of the current administration’s strategy.
Kwakye Ofosu’s defense underscores the administration’s insistence that the Bank of Ghana is acting lawfully and prudently, while framing the opposition’s accusations as inconsistent with their own past actions.
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