BoG massaging figures for IMF – IMANI

The founder of IMANI Ghana – a policy think-tank – Franklin Cudjoe has backed the assertions of Dr. Mahamudu Bawumia that figures presented by the Bank of Ghana on exchange rates are not credible.

The running mate to the 2012 presidential candidate of the NPP in a statement issued Thursday stated that the recent data on inflation released by the Ghana Statistical Service as well as exchange rate data reported by the Central Bank raise serious concerns.

According to the banker-turned-politician, the country must yearn to build a credible data system in order to effectively monitor and manage statistics on fiscal and social developments.

Speaking to Citi FM on the Big Issue Saturday, Cudjoe stated that he found it hard to believe that the exchange rate per the Bank of Ghana had remained the same for the last three months.

Cudjoe added that this could be a ploy by the Henry Wampah-led Central Bank to massage figures to present a healthy economy to the International Monetary Fund which the Ghana government has written to for a programme to infuse confidence in her economy.

The IMANI boss added such a move by Ghana’s Central Bank would completely kill the already blighted credibility of the John Mahama-led administration.

Cudjoe added that after overseeing one of the “retrogressive and regressive” forex rules by the Bank of Ghana, massaging figures to the people and the world is not a wise decision.

Private Legal practitioner, Yaw Oppong, a panelist on the show, added that the Bank of Ghana must immediately issue a statement to distance itself from the figures presented by Dr Bawumia and explain why their figures have remained unchanged for three months when other figures by the other banks keep changing.

He said failure to do so gives credence to Dr. Bawumia’s statement.