The Minority in Parliament has accused the Majority of attempting to cover up details on how the Bank of Ghana (BoG) sources foreign exchange for its market interventions.
The opposition MPs subsequently walked out and suspended their participation in a Committee of the Whole meeting with the central bank Governor, protesting the exclusion of the media from the proceedings.
Addressing the press on behalf of the Minority, the Member of Parliament for Ofoase Ayirebi, Kojo Oppong Nkrumah, stated that the Governor had already submitted written answers confirming that the BoG uses proceeds from the Domestic Gold Purchase Programme for forex intermediation.
According to him, the answers on the order paper state that “since August 2024 they have not undertaken direct market interventions as their FX operations do not draw on the Central Bank’s reserves.”
Instead, the BoG indicated that “FX intermediation has been executed through the Domestic Gold Purchase Programme.”
Mr Oppong Nkrumah questioned why the Majority cleared journalists from the public gallery during the meeting if there was nothing to hide.
He suggested the government is desperate to hide the fact that current forex interventions rely on a programme introduced under the previous administration, rather than new strategies.
“Why is it that the Majority is preventing the Governor from saying this to the entire country? Is it because it undermines the story they’ve been telling Ghanaians that it is because of GoldBod and some new strategies that they have brought?” he asked.
“The answers even provide the dates and the steps being taken to continue the programme. Yet they cleared the press so they can continue to peddle a different story to the Ghanaian public,” he added.
The Ofoase Ayirebi lawmaker argued that matters relating to the central bank, including monetary policy, reserve management, and forex market interventions, directly impact citizens and must be discussed openly.
“We believe that the people of Ghana deserve to know what is happening with their central bank. You cannot have a conversation about the economy behind closed doors when the impact will be felt by every Ghanaian,” he said.
He noted that the Minority had filed several questions for the Governor regarding the source of forex funds, the state of national reserves, and the bank’s losses, accusing the Majority of locking out the media to prevent this information from reaching the public.
The Minority has vowed not to return to the meeting until journalists are allowed back in to cover the proceedings, insisting they will continue to fight for transparency in matters affecting the economy.
“We are suspending our participation until such a time that this process is opened up to the Ghanaian people through the media,” he added.
By: Rainbowradioonline.com/Ghana