BoG releases first tranche of GH¢5.5 billion of the GH¢10 billion COVID-19 facility

Finance Minister Ken Ofori-Atta has told parliament that the Bank of Ghana has released the first tranche of GH¢5.5 billion of the GH¢10 billion emergency facility the government is seeking to support the national response to the fight the coronavirus disease.

The Minister made this known when he laid a report on the limit of borrowing of the government under sub-section (6) of section 30 of the Bank of Ghana Act, 2002 (Act 612) in the novel coronavirus (COVID-) emergency today [Thursday, May 28, 2020].

According to him, the release was consistent with global policy responses of central banks with large scale asset purchases to provide support to manage the pandemic.

The Speaker Prof. Aaron Mike Oquaye referred the report to the Finance Committee for consideration.

Meanwhile, the Minority says it will resist the move by the government to borrow GH¢10 billion from the central bank, describing such borrowing as unprecedented.

The Minority Leader Haruna Iddrisu asked him to be guided by their Ghana Beyond Aid agenda and pursue a path of Ghana Beyond borrowing.

He said the Minister must position Ghana beyond borrowing and make that his top priority.

By: Rainbowradioonline.com

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