The Chief Executive Officer of Dalex Finance Company, Ken Thompson, has slammed the Bank of Ghana for its handling of monetary policy, accusing the central bank of colluding with the government to fund non-productive ventures.
In a media interview on Monday, May 13, Thompson criticized the Bank of Ghana for providing huge sums of money to the government, which he believes has led to inflation, depreciation, and higher taxation.
“They connive with the government under the guise that if they don’t give the government money, the economy will collapse. They give the government huge sums of money, the government chops the money, and then we are asked to pay for it through higher and higher taxation,” Thompson said.
Thompson expressed concern over the significant sums injected into the economy by the Bank of Ghana in 2022, stressing the negative repercussions of funding non-productive ventures. He emphasized the detrimental effects of such actions, including inflation, depreciation, and increased financial burden on citizens through higher taxation.
Unless these issues are addressed, Thompson warned, Ghana’s economic progress will stagnate. He urged for a shift towards productive investment and fiscal responsibility to mitigate the ongoing challenges and steer the country towards sustainable growth.
“Money given to the government which is not backed by productivity leads to inflation, depreciation, and makes us poorer,” Thompson noted.
