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Minority accuses BoG of printing ¢22b without parliamentary approval 

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Dr Cassiel Ato Forson

Former Deputy Finance Minister, Dr Cassiel Ato Forson has accused the government of encouraging the Bank of Ghana to print an amount of GH¢22 billion without Parliamentary approval.

According to him, the fresh currency notes were printed between January and June 2022.

The information, according to Dr Forson, is hidden on page 97 of Appendix 2a of the Mid-year budget under the section on Bank of Ghana.

“They have printed GH¢22 billion fresh money without the knowledge of Parliament and without informing all of us,” he said while addressing the press on Monday.

The former deputy finance minister under the erstwhile John Mahama administration said the act is illegal and against the Bank of Ghana Act.

He indicated that the printing of the currencies has contributed to the rise in inflation, adding that “if this trend continues I won’t be surprised that we will end the year with inflation of about 50 per cent.”

“I am saddened, no wonder inflation is galloping, no wonder that our reserves position is dwindling. Because when you create new money out of the thin air, what happens is that inflation will go up and obviously because it is new money, you will end up losing your reserves because there would be new consumption,” he said.

As a result, he urged the Minister to return and deliver a new mid-year budget since the omission of the GH¢22 billion cedis is pervasive and scandalous.

He also had a word for the Governor of the Bank of Ghana.

“I want to urge the Governor of the central bank that he has engaged in gross illegality and in future if he is asked to print money, he should first come to Parliament before he acts.”

Source: Myjoyonline.com

General News

14 injured, father and son killed in an accident

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About 14 people on board the commercial truck with registration number CR-553-16 were injured to varying degrees and were brought to the Cape Coast Teaching Hospital (CCTH) for treatment. The remains have been sent to the Cape Coast Teaching Hospital mortuary for autopsy and preservation. The Jukwa Police Command has also opened an inquiry into the accident.

An overspeeding car killed a man and his two-year-old kid near Jukwa on the Twifu Praso-Cape Coast Highway.

The two were riding their motorcycles when the truck drove over them, killing them on the spot.

According to an eyewitness, the minibus driver lost control while attempting to overtake another vehicle, crashing with a motorbike and veering off into the jungle.

About 14 people on board the commercial truck with registration number CR-553-16 were injured to varying degrees and were brought to the Cape Coast Teaching Hospital (CCTH) for treatment.

The remains have been sent to the Cape Coast Teaching Hospital mortuary for autopsy and preservation.

The Jukwa Police Command has also opened an inquiry into the accident.

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Anti-LGBTQ Bill: Supreme Court adjourns case indefinitely

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Prior to the adjournment, the court dismissed a preliminary objection submitted by the Speaker's counsel, Thaddeus Sory. The attorneys for the plaintiff, television journalist Richard Sky, attempted to change one of the reliefs in the request for injunction, but Mr Sory objected.

The Supreme Court has put the lawsuit against the Sexual Rights and Ghanaian Family Values Bill, better known as the Anti-LGBTQ Bill, on hold indefinitely.

During a hearing on Wednesday, May 8, 2024, the Supreme Court ruled that the documents filed by Speaker of Parliament Alban Bagbin’s counsel included intemperate language.

The judge ordered the legal team to produce fresh documents.

Before the adjournment, the court dismissed a preliminary objection submitted by the Speaker’s counsel, Thaddeus Sory.

The attorneys for the plaintiff, television journalist Richard Sky, attempted to change one of the reliefs in the request for an injunction, but Mr Sory objected.

After consideration, the Apex Court presided over by Chief Justice Gertrude Torkornoo, concluded that the preliminary objection was superfluous.

Justice Torkornoo stated that each side has the right to present their case as they see appropriate, and chastised the Speaker’s team, saying, “You have wasted our time and energy for no reason.”

Richard Sky, a journalist, and Amanda Odoi, a researcher, have launched separate lawsuits against the measure, which is currently awaiting President Nana Akufo-Addo’s signature.

Mr Sky claims that Parliament’s approval of the Human Sexual Rights and Family Values Bill is illegal and requests that the highest court declare the bill null and invalid.

Dr. Odoi has also voiced concerns about several sections of the proposed bill.

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Reports of withdrawal from Ghana did not emanate from us – Société Générale

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"We do not wish to comment more. But, frankly, I insist that the papers are not from SG Ghana," he said. According to widely circulating claims, Société Générale would depart Ghana's banking business after 20 years. Société Générale has signed agreements with Saham Group to transfer its Moroccan businesses. Congo, Equatorial Guinea, Mauritania, Burkina Faso, and Chad were among the African nations withdrawn from in 2023. Citing its long-standing presence in Africa, Société Générale intends to focus its resources on regions where it can establish itself as a major bank, in accordance with its overarching plan announced on its website on April 12, 2024.

French bank Société Générale has categorically dismissed speculations of its exit from the Ghanaian banking industry, characterising them as unfounded conjecture.

The bank explained that it is revamping its operations to reflect worldwide market conditions better.

Addressing shareholder worries over the purported departure during the 44th Annual General Meeting, Société Générale’s Managing Director, Hakim Ouzzani, stated that the reports did not come from the bank itself.

“Some speculations have spread about SG Ghana. However, it is crucial to inform all of our stakeholders and shareholders that the news item being disseminated in the media was not released by the group or SG Ghana.

“We do not wish to comment more. But, frankly, I insist that the papers are not from SG Ghana,” he said.

According to widely circulating claims, Société Générale would depart Ghana’s banking business after 20 years.

Société Générale has signed agreements with Saham Group to transfer its Moroccan businesses. Congo, Equatorial Guinea, Mauritania, Burkina Faso, and Chad were among the African nations withdrawn from in 2023.

Citing its long-standing presence in Africa, Société Générale intends to focus its resources on regions where it can establish itself as a major bank, per its overarching plan announced on its website on April 12, 2024.

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