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Business News of Friday, 29 May 2020


Minority vows to resist govt’s attempt to get GH¢10bn from BoG

Finance Minister, Ken Ofori-Atta Finance Minister, Ken Ofori-Atta

Members of the Minority side in Parliament have kicked against plans by the government to borrow GH¢10 billion from the central bank.

The opposition National Democratic Congress (NDC) MPs say the unprecedented move by the government has a sinister motive.

Ranking Member on the Finance Committee of Parliament, Mr Cassiel Ato Forson, has accused the government of seeking the funds from the central bank to finance the election expenditures of the government New Patriotic Party (NPP).

Meanwhile, the Bank of Ghana on May 15, released GH¢5.5 billion to the Finance Ministry, the first tranche of the total GH¢10 billion.

According to the Daily Graphic newspaper, the Finance Minister, Ken Ofori-Atta, has explained that the GH¢10 billion emergency facility will support the national response in the fight against the coronavirus disease.

Ken Ofori-Atta made this known on Thursday, May 28, 2020, when he laid a report on the limit of borrowing of the government under subsection (6) of section 30 of the Bank of Ghana Act, 2002 (Act 612) in the novel coronavirus (COVID-19) emergency, according to the newspaper.

The Minister has justified the request for the funds on grounds that it was consistent with global policy responses of central banks with large scale asset purchases to provide support to manage the pandemic.

The Speaker of Parliament, Prof Mike Oquaye, has referred the matter to Parliament's Finance Committee for consideration and report.