The Bank of Ghana has denied allegations by the Member of Parliament for Bolgatanga Central, Isaac Adongo, that it illegally gave over GH¢70 billion to the government to finance maturing debts on the domestic market.

In a statement, the Central Bank described the allegations as “false and unfounded” adding that the allegations are aimed at “impugning the hard–won credibility of the Bank of Ghana and its Management.”

Mr. Adongo had alleged that the move by the Central Bank was contrary to the Financial Management Act.

In an interview with the media, the ranking member on the Finance Committee of Parliament also called for the resignation of Mr Addison.

According to Mr Adongo, the rise in inflation, depreciation of the cedi and worsening economic conditions are a result of policy decisions of the Governor, hence his call for his dismissal.