The Ministry of Finance has assured that government is committed to attaining the provisions outlined in the International Monetary Fund (IMF) programme which requires government to achieve zero financing from the Bank of Ghana(BoG), among other benchmarks.
A statement from the ministry copied to Citi Business News explained that government is implementing the objectives of the Fund programme which includes the adherence to the zero-financing of Government by the Bank of Ghana.
The statement further clarified that all Government receipts are in the custody of the Bank of Ghana, hence an amount of GH¢1.6 billion reported as BoG net financing was a drawdown on government deposits with the Bank of Ghana on a net basis and does not represent Bank of Ghana lending to Government
According to the statement, “It has come to the attention of the Ministry of Finance that the Fiscal Tables for Jan-May 2016 and revised 2016 fiscal framework in the 2016 Budget Performance and Supplementary Budget which was presented to Parliament on 25th July 2016, show a Bank of Ghana financing”.
This, the statement said gave an impression as though the Bank of Ghana financed government to the tune of GH¢1.6 billion from January to May 2016.
“We wish to take this opportunity to clarify to the general public that all Government receipts are in the custody of the Bank of Ghana”.
It added that all Government receipts are in the custody of the Bank of Ghana, hence an amount of GH¢1.6 billion reported as BoG net financing was a drawdown on government deposits with the Bank of Ghana on a net basis and does not represent Bank of Ghana lending to Government
“Similarly, the end-year revised projection of GH¢1.4 billion only signals a draw down on government deposits and not a net claim on Government by the Bank of Ghana” it said.
“We wish to emphasize again that the said amount does not represent Bank of Ghana lending to Government”.
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By: Lawrence Segebfia/citibusinessnews.com/Ghana
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