The Bank of Ghana (BoG) has released GHS5.5 billion out of GHS10 billion emergency loan to the government to support the country’s fight against the coronavirus disease.
This was disclosed by the Minister of Finance, Mr Ken Ofori-Atta on Thursday, 28 May 2020 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 in parliament.
The Speaker, Prof Mike Oquaye referred the report to the Finance Committee for consideration.
The BoG’s GHS10 billion support out of which GHS5.5 billion have been released according to Mr Ofori-Atta is consistent with global policy responses of central banks with large scale asset purchases to provide support to manage the pandemic.
The Minority is, however, kicking against government borrowing the GHS10 billion from the central bank.