Public Accounts Committee Disbursement of funds from bonds impact on reserves - BoG

The Bank of Ghana appeared before the Public Accounts Committee (PAC) of Parliament on the 2015 Auditor General’s report.

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play Deputy BoG governor - Dr Johnson Asiama
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The Public Accounts Committee (PAC) of Parliament has engaged officials of the Bank of Ghana (BoG) on the 2015 Auditor General’s report.

The committee interrogated reports covering the central bank’s foreign exchange receipts and payments for the year 2015.

READ ALSO: Policy rate cut does not automatically cut interest rate - PEF

Thus, the Bank of Ghana’s foreign exchange transaction and receipts and payments for the first half year and second half year of 2015.

Addressing the committee officials of the bank raised concerns about the need for government to be circumspect about bond disbursements.

According to an official from the bank, the disbursement of funds from bonds have a huge impact on Bank of Ghana's reserves.

Ghana has raised $2.2 billion from a sale of long-dated domestic bonds, boosting its central bank reserves by one-third.

READ ALSO: Govt will issue 15 yr bond to clear $ 2.4bn energy debts- Bawumiah tells IMF

Offshore buyers constituted 90 percent of accepted bids, according to Barclays Bank Ghana sources.

This the bank of Ghana says such transactions boost the fiscal position of the government as well as central bank reserves.

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