{"id":27397,"date":"2022-11-12T23:49:24","date_gmt":"2022-11-12T23:49:24","guid":{"rendered":"https:\/\/www.africa-press.net\/ghana\/?p=27397"},"modified":"2022-11-12T20:38:12","modified_gmt":"2022-11-12T20:38:12","slug":"bank-of-ghana-says-gh%c2%a225b-used-to-finance-government-debt-and-not-gh%c2%a270b","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/ghana\/all-news\/bank-of-ghana-says-gh%c2%a225b-used-to-finance-government-debt-and-not-gh%c2%a270b","title":{"rendered":"Bank of Ghana says GH\u00a225b used to finance government debt and not GH\u00a270b"},"content":{"rendered":"

Africa-Press – Ghana. <\/strong><\/span>The Bank of Ghana (BoG) has clarified that it used GH\u00a225 billion to finance the Government\u2019s maturing debts on the domestic market contrary to claims of using GH\u00a270 billion.<\/p>\n

The Central Bank in a press release copied to the Ghana News Agency on Friday denied the claims by the Member of Parliament (MP) for Bolgatanga Central, Isaac Adongo, describing the allegation as \u201cfalse and unfounded.\u201d<\/p>\n

The Legislature in an interview on Tuesday, November 8, said the Governor of BoG, Dr Ernest Addison, had illegally given over GH\u00a270 billion to the Government to finance maturing debts on the domestic market, a move he said was against the Public Financial Management Act.<\/p>\n

However, the Central Bank in the press release said that it had used GH\u00a225.6 billion as of October 2022, to finance government\u2019s maturing debts, though it had increased currently to GH\u00a240.2 billion.According to the Central Bank, the GH\u00a240.2 billion stock of government debt reflected an accumulated claims for over twenty years, including legacy assets such as the Telecom Malaysia Bonds issued in relation to the privatization of Ghana Telecom and Tema Oil Refinery Bonds.<\/p>\n

\u201cThere are strict rules on which the Government of Ghana can borrow from the Bank of Ghana, and the strict rules are quite clear, stating that the Bank of Ghana at any point in time should not lend more than five per cent of the previous year\u2019s revenue,\u201d the statement said.<\/p>\n

Providing details on what had resulted in the accumulated stock of government debt, the Bank noted that in the first quarter of 2022, Ghana\u2019s credit rating was downgraded and effectively shut out of the International Capital Markets.<\/p>\n

<\/a>It said that consequently, there were no inflows from external sources to support budget implementation and the government started experiencing unsuccessful auctions on weekly basis.<\/p>\n

<\/a>\u201cIn the process, the Bank of Ghana had to step in and provide financing to keep government machinery running, and in particular, help prevent a domestic debt default situation,\u201d BoG said.<\/p>\n

The Bank further said that: \u201cThis activity is clearly shown in the Overdraft line, which stood at GH\u00a225.6 billion as at October 2022.\u201d<\/p>\n

<\/a>\u201cThis support is temporary and consistent with crisis management as we work with the International Monetary Fund to design a debt operation that will lift the burden of debt servicing off the budget,\u201d it explained.<\/p>\n

For More News And Analysis About Ghana<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Ghana. The Bank of Ghana (BoG) has clarified that it used GH\u00a225 billion to finance the Government\u2019s maturing debts on the domestic market contrary to claims of using GH\u00a270 billion. The Central Bank in a press release copied to the Ghana News Agency on Friday denied the claims by the Member of Parliament […]<\/p>\n","protected":false},"author":84,"featured_media":27396,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,7,5099],"tags":[5092,5096,814,429,1453],"class_list":["post-27397","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-head-lines","category-to-homepage","tag-africa-press","tag-africa-press-ghana","tag-bank","tag-ghana","tag-government"],"yoast_head":"\nBank of Ghana says GH\u00a225b used to finance government debt and not GH\u00a270b - Ghana<\/title>\n<meta name=\"description\" content=\"The Bank of Ghana (BoG) has clarified that it used GH\u00a225 billion to finance the Government\u2019s maturing debts on the domes ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/ghana\/all-news\/bank-of-ghana-says-gh\u00a225b-used-to-finance-government-debt-and-not-gh\u00a270b\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bank of Ghana says GH\u00a225b used to finance government debt and not GH\u00a270b\" \/>\n<meta property=\"og:description\" content=\"The Bank of Ghana (BoG) has clarified that it used GH\u00a225 billion to finance the Government\u2019s maturing debts on the domes ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/ghana\/all-news\/bank-of-ghana-says-gh\u00a225b-used-to-finance-government-debt-and-not-gh\u00a270b\" \/>\n<meta property=\"og:site_name\" content=\"Ghana\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-11-12T23:49:24+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/ghana\/sites\/18\/2022\/11\/postQueueImg_6-6370041e1e2af.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"504\" \/>\n\t<meta property=\"og:image:height\" content=\"295\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/bank-of-ghana-says-gh%c2%a225b-used-to-finance-government-debt-and-not-gh%c2%a270b#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/bank-of-ghana-says-gh%c2%a225b-used-to-finance-government-debt-and-not-gh%c2%a270b\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Bank of Ghana says GH\u00a225b used to finance government debt and not GH\u00a270b\",\"datePublished\":\"2022-11-12T23:49:24+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/bank-of-ghana-says-gh%c2%a225b-used-to-finance-government-debt-and-not-gh%c2%a270b\"},\"wordCount\":414,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/bank-of-ghana-says-gh%c2%a225b-used-to-finance-government-debt-and-not-gh%c2%a270b#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/ghana\/sites\/18\/2022\/11\/postQueueImg_6-6370041e1e2af.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Ghana\",\"bank\",\"ghana\",\"government\"],\"articleSection\":[\"all news\",\"Economy\",\"head lines\",\"to-homepage\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/ghana\/all-news\/bank-of-ghana-says-gh%c2%a225b-used-to-finance-government-debt-and-not-gh%c2%a270b#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/bank-of-ghana-says-gh%c2%a225b-used-to-finance-government-debt-and-not-gh%c2%a270b\",\"url\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/bank-of-ghana-says-gh%c2%a225b-used-to-finance-government-debt-and-not-gh%c2%a270b\",\"name\":\"Bank of Ghana says GH\u00a225b used to finance government debt and not GH\u00a270b - 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