Pulse.com.gh logo

Ghana's Debt Crisis Finance Ministry shuts 3,160 gov’t accounts with the BOG

The aim is to achieve a single treasury account in attempt to manage government’s funds more effectively.

  • Published:

The Finance Ministry has commenced processes to close over 11,500 multiple accounts in the Bank of Ghana, belonging to government.

It is also believed that the move will stop the practice of government borrowing its idle funds at commercial banks to finance its budget at an interest.

Finance Minister Seth Terkper revealed this at his presentation of the 2016 supplementary budget last week.

READ MORE: Pulse Business Wrap Terkper requests for GHC1.8 billion supplementary budget

Out of the number of accounts at the BoG, 3,160 were closed and 700 have been set up under the Ghana Integrated Financial Management Information System (GIFMIS).

Work is currently going on to streamline the remain+ing 1,640 at the BoG and those at the commercial banks.

 This, he said, “Will prevent these funds remaining dormant or idle, while government borrows sometimes its own funds to finance the budget”.

“This is also to pool and manage all government accounts in all banks—that constitute the consolidated and, where relevant, other public funds—into one account”, Mr Terkper said.


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 BNI to 'grab' Menzgold boss - Finance Minister hintsbullet
2 Opportunity International with support from DFID UK Aid Match...bullet
3 Here's the full 2019 budget statementbullet
4 Gov’t has needed resources to implement 2019 budget - Ofori-Attabullet
5 Investment banks in Ghana Top 5 investment banks in Ghana and...bullet
6 Ponzi schemes in Ghana These investments are Ponzi schemes in...bullet
7 We no longer trust Menzgold – Menzgold customersbullet
8 Huawei overtakes Apple in Global Smartphone Shipmentsbullet
9 How to create a verified PayPal account Learn how to...bullet
10 Young Entrepreneurs Anas, Sarkodie, Nana Appiah &...bullet