Ghana's Debt Crisis Finance Ministry refutes GHC1.6bn debt to Central Bank

According to the Ministry, the impression created that the Bank of Ghana financed government to the tune of GHC1.6 billion from January to May 2016 is incorrect.

  • Published: , Refreshed:
24/7 Live - Subscribe to the Pulse Newsletter!

The Finance Ministry has sought to clarify, what it describes as a wrong impression created by some of the figures presented by the Minister Seth Terkper, as the total amount of budget support from Bank of Ghana in the first quarter of 2016.

According to the Ministry, the impression created that the Bank of Ghana financed government to the tune of GHC1.6 billion from January to May 2016 is incorrect.

In a press statement signed by Deputy Minister Casiel Ato Forson, and copied to Pulse.com.gh,  the amount was a “drawdown in government deposits already lodged with the Bank of Ghana.

READ MORE:Mid-year budget review: What if Seth Terkper is lying to us, can we tell?

“We wish to take this opportunity to clarify to the general public that all Government receipts are in the custody of the Bank of Ghana. In other words, this amount does not represent a net claim on Government by the Bank of Ghana but rather, a drawdown in government deposits already lodged with the Bank of Ghana.

Similarly, the end-year revised projection of GH¢1.4 billion only signals a draw down on government deposits and not a net claim on Government by the Bank of Ghana”, the statement said.

The Ministry also wished to  re-affirm government’s commitment to the IMF-supported ECF Programme, contrary to believes that government had abandoned the program due to the upcoming elections.

“In so doing, Government is implementing the objectives of the Fund programme and this includes the adherence to the zero-financing of Government by the Bank of Ghana”, the statement concluded.

Do you ever witness news or have a story that should be featured on Pulse Ghana?
Submit your stories, pictures and videos to us now via WhatsApp: +233507713497, Social Media @pulseghana: #PulseEyewitness & DM or Email: eyewitness@pulse.com.gh.

Recommended Articles

Recommended Videos





Top Articles

1 Job Application How to write a CV that gets interview callsbullet
2 Budget Review 2018 budget is 'Ahokyere, 419, wahala and propaganda' - NDCbullet
3 Bank of Ghana Here are the banks with the best deposit rates in Ghanabullet
4 Budget 2018 No taxes on mobile money transactions – Gov’tbullet
5 2018 Budget Dumsor is dead - Finance Minister Ken Ofori-Attabullet
6 2018 Budget Here is how much government has allocated for...bullet
7 In Accra NCA shuts down ‘living room’ radio station at Dansomanbullet
8 2018 Budget Here is how much government has budgeted for 2018bullet
9 AirtelTigo 6 things every Airtel and Tigo customer...bullet
10 Photos Bawumia breaks ground for new cement factory...bullet

Top Videos

1 Entrepreneurship How to be resourceful as an entrepreneurbullet
2 Entrepreneurship How To Get Ready To Get Started | StartUpSchoolbullet
3 Vodafone adbullet
4 MTN Mobile Money Adbullet
5 Entrepreneurship Failure- How To Deal With It | StartUpSchoolbullet
6 Entrepreneurship Creating Success Systems | StartUpSchoolbullet
7 Video African leaders must understand the role of technology...bullet

Business