The devastating impact of BoG’s excessive money printing on Ghanaians [Article]

Ghana’s Central Bank, the Bank of Ghana (BoG), has engaged in an alarming spree of money printing over the past three years, injecting vast sums into the economy under the guise of “monetary inflation” to stimulate growth and reduce unemployment.

A recent World Bank report revealed that the inflation caused by the Bank of Ghana’s excessive money printing plunged nearly 850,000 Ghanaians into poverty by the end of 2022.

Inflation can be classified into two types: demand-pull inflation and cost-push inflation.

Sennholz highlights that money, as a medium of exchange, is not synonymous with wealth.

As George Reisman emphasizes, inflation results in an unearned gain for those who introduce new money into the economic system through spending, while others suffer corresponding losses.

In essence, the recipients of the new money gain access to goods, services, and assets that others could have acquired if not for the actions of the Bank of Ghana.

Erosion of Savings and Retirement Funds: Inflation gradually erodes the value of money over time, causing savings and retirement funds to lose their purchasing power