Seth Terkper: Former minister slams gov’t’s plan to use BoG’s GHC10bn for COVID-19
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Seth Terkper: Former minister slams gov’t’s plan to use BoG’s GHC10bn for COVID-19

- A former Finance Minister, Seth Terkper, has expressed concerns about the GHC10 billion fund accessed by the government from the Bank of Ghana

- He argued that the financial gap created by COVID-19 has been dealt with and for that reason, there was no need for such an act

- The Finance Minister, Ken Ofori-Atta, has revealed the government has received the first tranche of the funds

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A former Minister of Finance, Seth Terkper, has raised questions about the decision of the government to access GHC10 billion from the Bank of Ghana.

According to him, the financial gap created by the coronavirus has already been covered and for that reason the excess funds are unnecessary.

He added that, without a doubt, COVID-19 has severely affected Ghana’s economy and there is a need for urgent measures to bring it back on track.

READ ALSO: Seth Terkper: Former minister slams BoG's report on public debt; gives reasons

Terkper went on to say that its effect on the economy outweighs that of other crises encountered in the past such as power challenges encountered a few years ago.

Per a report, the minority side in Parliament has also expressed concerns about the fund.

They are of the view that it is a possible plot by the government to secure funds for the December 7, 2020 elections. earlier reported that the Minister of Finance, Ken Ofori-Atta, had announced the government had received the first tranche of financial support from the Bank of Ghana.

Informing the House on Thursday, May 28, 2020, Ofori-Atta noted that “given the exceptional circumstances and the challenges, the Minister of Finance, the Governor of the Bank of Ghana and the Controller and Accountant General as required under Section 30 of the Bank of Ghana (Act 612) as amended have agreed to trigger the emergency financing provision under the law, which permits increasing the limit on the purchase of Government securities by Bank of Ghana in the event of any emergency, to help finance the residual expenditures.”

READ ALSO: We have reduced inflation, reduced interest rate and created jobs - Bawumia

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Source: Yen Ghana

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