John Jinapor Tells IMF Supervisor to be Very Wary of BoG

Member of Parliament for Yapei Kusawgu, John Abu Jinapor is advising the financial supervision advisor appointed by the International Monetary Fund (IMF), Leonard Chumo to be alert during his tenure at the Bank of Ghana (BoG).

The politician claimed that he had lost all trust in the Governor of the Bank of Ghana and that as a result, he was advising the supervisory advisor to carefully monitor the BoG’s operations.

He said, “Mr Chumo, please let me thank you and welcome you to Ghana. But let me plead with you, please open your eyes at the Bank of Ghana. I cannot trust that Governor…one bit. I beg you open your eyes, scrutinise the documents and ensure that the right thing is done.”

The advisor has been appointed by the IMF to provide technical support to the Bank of Ghana and aid in strengthening the capability of its banking supervision functions.

He began his assignment on February 6, 2023.

In a statement issued by the BoG on Tuesday, February 14, it was revealed that the placement represented continued cooperation between Ghana, the IMF, and the Swiss State Secretariat for Economic Affairs.

However, the Yapei Kusawgu MP thinks the central bank is unreliable, alleging some questionable operations there.

Speaking at parliament following the Finance Minister, Ken Ofori-Atta’s address on the debt exchange programme on Thursday, Mr Jinapor revealed that there were three ways which government raised revenue: taxation, borrowing and printing of money.

“How can the Bank of Ghana advance more than GH¢40 billion to the government of Ghana in one fiscal year? What is the size of Ghana’s economy?” he quizzed.