BUSINESSCOVID-19

Government borrowed GHC10 billion from BoG for 2020 Financial Year – Finance Minister

The Minister for Finance, Mr. Ken Ofori-Atta has stated that the Ministry of Finance, Government of Ghana, and the Controller and Accountant General in the 2020 Financial year borrowed GhC10 billion from the Bank of Ghana (BoG) to assist in the fight against the COVID-19 pandemic.

He explained that, since the loan was raised under Section 30 Clause 6 of Act 6-1-2 which relates to borrowing under emergency, the loan was granted under a long term facility and not subjected to Section 30 clause 3 where payment is expected to be made in three months after the grant of the advance or loan.

According to Mr. Ofori-Atta, the terms and conditions on the loan were, Bond name, COVID-19 relief Bond, program size (Loan),10 Billion Ghana cedis, payment duration,10years with 2years free period, principal, and interest will commence in November 2022

The Minister’s response came up, when the Hon minority leader, Haruna Iddrisu filed an urgent question to ask the finance minister, the total amount of temporary advances (loan) the government of Ghana has taken from the Bank of Ghana for the 2020 financial year.

 

 

 

 

 

 

 

 

 

 

Story by Nana Yirenkyi Parliamentary Correspondent/ Freedom Fm

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