Adongo attacked following an open letter to the governor of BoG

General News of Monday, February 11, 2019

Source: www.ghanaweb.com

2019-02-11

Bolgatanga Central MP and member of parliament's Finance Committee, Isaac Adongo, was criticized by Dr. Robert Owusu-Gyekyi, economist and banker for writing an open letter to the Governor of the Bank of Ghana, Dr. Ernest Addison. to explore the basic standard processes available to legislators in this regard.

In a letter to the governor, Mr. Adongo reprimanded him and asked him to stop "cooking" the country's economic data.

According to him, the Bank of Ghana had adopted "crude" methods to add the figures of Ghana's oil portfolio funds in order to increase the country's net international reserves.

"… BoG has decided to falsify the Ghanaian NIR to mislead investors and markets by suddenly adding Ghanaian oil portfolio funds to our net reserves … Oil portfolio funds have encumbered funds not available for BoG and not stackable. he noted.

"Mr. Governor, I would like to take this opportunity to urge you to give up such behavior and to stop producing economic data on Ghana." Let's be true and consistent in the approach prescribed by international standards and tell the true story history of Ghana's economic performance. "

Deploring the growing credibility and trust in the Central Bank, Adongo noted some "troubling concerns" that were bothering the Bank of Ghana, including: concealment and manipulation of net international reserves and reductions in intervention rates and distortions of politics.

But, reacting to the contents of the letter, Dr. Owusu-Gyekyi stated that Mr. Adongo was ignorant. Not only that. The economist criticized the legislator for using the wrong approach in communicating his grievances.

He said: "First and foremost as a member of Parliament, you should know that there are standard processes and procedures for requiring information or clarification from the central bank, which is the only way to do so. that is, if the location is set. Clearly, this does not include writing open and rude letters to the governor and his large-scale publication on social media. "

"Second, I am very disappointed with the tone and the inherent rudeness of your letter, which should not be part of the job description of an" honorable "deputy. You must know now that monetary policy is not conducted on social media. Next time, I will advise you to go through your parliamentary processes to make formal requests and be civilized about how to proceed. "

Below, Adongo's open letter and Owusu-Gyekyi's response