Director of Analysis on the Trades Union Congress, Dr Kwabena Nyarko Otoo
The Financial institution of Ghana has denied allegations that it was collaborating with unlawful international alternate merchants on the black market in Cowlane in Accra for them to switch funds overseas.
The central financial institution in a press release issued Monday (October 31, 2022) stated the allegation was unlucky, false and have to be dismissed by all.
Based on the BoG, its consideration was drawn to the remark made by the Director of Analysis on the Trades Union Congress, Dr Kwabena Nyarko Otoo.
The BoG has due to this fact suggested the general public to fully disregard the feedback and be assured that the BoG was doing all inside its energy to cut back the rising basic degree of costs.
Dr Otoo has reacted to the BoG’s assertion.
Connected under is a duplicate of Dr Otoo’s assertion
PRESS RELEASE
RE: RESPONSE TO TRADES UNION CONGRESS’ DR. KWABENA NYARKO OTOO’S STATEMENT ON JOY NEWS TV/JOY FM NEWSFILE
1. I’ve needed to reluctantly reply to the assertion from the Financial institution of Ghana (BoG) on the remark I made on Pleasure Information TV/Pleasure FM NewsFile final Saturday, twenty ninth October 2022.
As a employee of the Trades Union Congress (TUC), I’ve, in the previous few months been agonizing over the declining actual incomes of Ghanaian employees due to the steep depreciation of the cedi and the rising price of residing it has occasioned. Immediately, I need to cope with a sideshow; an open secret the BoG claims it has no thought of.
2. On Pleasure Newsfile, I spoke passionately about the necessity to do every thing to arrest the depreciation of the Ghana cedi. Within the method of talking and within the context of the frustration a few of us face in regards to the basic financial scenario, a number of the phrases we use could not mirror our true intentions.
I want to guarantee the Financial institution of Ghana and the Ghanaian those who in talking in regards to the Ghanaian economic system my intentions are at all times pure and I don’t intend to assail state establishments or officers.
3. I spoke about the necessity to assessment your complete idea of Foreign exchange Bureaus after greater than three a long time of their introduction. The BoG didn’t hear this. We want a assessment to guarantee the nation that the Foreign exchange Bureaus are serving the aim for which they had been launched.
4. On the problem of “BoG and Cowlane” what I stated was that “there’s rising suspicion…”. It’s true that I used the phrase “proof” however I rapidly substituted that with the phrase “rising suspicion”. I by no means stated BoG does unlawful switch of funds offshore. The BoG should take heed to the whole dialog fairly than decide items of it. If it does, it can respect the spirit with which I spoke on the programme.
5. In a joint assembly between the management of the TUC and Enterprise Associations in Ghana on October 25, 2022, this allegation of “lively collaboration” was made. I’ve additionally personally heard this allegation from numerous quarters. I don’t essentially imagine them. However I imagine they have change into a part of the final speculative narrative that’s decimating the cedi.
6. If the Financial institution of Ghana cares to know, in unofficial circles, Cowlane as a bodily location is known as “Financial institution of Ghana Annex”. Some name it the “different central financial institution”. There are causes for these designations, a few of which causes feed into the unrelenting assaults on the cedi.
The BoG has the capability to seek out out extra. The BoG ought to keep in mind that “actuality doesn’t go away when it’s ignored”. Because the BoG focuses on its mandate of “value stability” it also needs to endeavour to enhance banking supervision and be sure that Ghana doesn’t once more need to cough up GHS20 billion plus to avoid wasting depositors funds!
7. Lastly, in penning this response, I’ve acquired appreciable counsel and I’ve restrained myself due to the instances by which Ghana finds itself.
I’ve held again as a result of we’d like cool heads to calm the scenario. I’m a citizen holding cedis issued by the BoG and I do know what’s occurring to the cedi I maintain.
I work with employees and I’m absolutely conscious of how their cedi denominated salaries have been debased. This isn’t the time for viciousness in responding to people who find themselves merely conveying a message.
[SIGNED] 2ND NOVEMBER 2022
KWABENA NYARKO OTOO (PhD)
DIRECTOR, LABOUR RESEARCH & POLICY INSTITUTE
TRADES UNION CONGRESS (TUC)
