• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business Banking & Finance

BoG clarifies GHS 47.9bn Government financing amidst economic challenges

2 years ago
in Banking & Finance, Business, Economy, Features, highlights, Home, home-news, latest News
1 min read
0 0
0
128
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

BoG clarifies GHS 47.9bn Government financing amidst economic challenges

The Bank of Ghana has clarified its role in supporting the government during periods of economic distress, highlighting the necessity of such interventions in light of external and internal shocks.

In specific instances, the Central Bank provided essential financial aid to the government, underlining the extraordinary circumstances that warranted these actions.

In 2020, grappling with the profound impacts of the Covid-19 pandemic, the Bank extended GHS 10 billion in support to the government. This move facilitated the launch of the Covid-19 Pandemic Bond, reflecting the unique exigencies of the situation.

Additionally, the Central Bank provided GHS 37.9 billion as budget support in 2022, aiding the government in salary payments and addressing debt maturities. The capital market’s closure to Ghana accentuated the need for this intervention.

The Bank of Ghana asserted that its actions were justified given the severity of the challenges facing the economy. It contextualized these measures within the broader framework of crisis management, highlighting the government’s precarious financial situation, loss of access to international capital markets, and underperformance of domestic revenue.

These factors compelled the government to seek International Monetary Fund (IMF) support, suspend the Fiscal Responsibility Act, and necessitated the Central Bank’s role in stabilizing the economy.

RelatedPosts

Government on Course to Exceed 2025 Macroeconomic Targets 

Finance Ministry Invites Public Input for 2026 – 2029 Budget

CHAN 2024: Uganda Dominates Guinea; South Africa Holds Algeria

Responding to criticism about the Bank’s financing activities, Majority Leader Osei Kyei Mensah-Bonsu emphasized that the law does not mandate the Bank of Ghana to report daily activities to Parliament.

He clarified that the Bank is required to report foreign exchange receipts to Parliament, a duty which the Bank has consistently fulfilled. Furthermore, the suspension of the Fiscal Responsibility Act by the Parliament in 2020 was a response to the crises triggered by the Covid-19 pandemic, indicating a flexible approach in extraordinary circumstances.

The Bank of Ghana affirmed to Parliament, the necessity of its actions during times of economic turmoil and underscored the pivotal role these measures played in averting potential defaults and maintaining economic stability. The unique challenges posed by external and internal shocks necessitated responsive and adaptive policy choices, underscoring the importance of pragmatic decision-making in the face of the crisis.

Tags: BOGBoG clarifies GHS 47.9bn Government financing amidst economic challengeseconomic challenges
No Result
View All Result

Highlights

Ipswich Salvages Late Point in Championship Opener Against Birmingham

GFA and BetPawa Enhance partnership; Locker Room Bonus Extended to Malta Guinness Women’s Premier League for 2025/26 Season

Senyo Hosi Writes: So Long, My Friends

IPR Ghana Mourns Victims of Military Helicopter Crash

Oil Prices Set for Dramatic Weekly Drop on Tariff Fallout

Manchester United Unveils £50 Million Upgrade to Carrington Training Complex Ahead of New Season

Trending

Business

Government on Course to Exceed 2025 Macroeconomic Targets 

August 9, 2025

Government on Course to Exceed 2025 Macroeconomic Targets  Ghana’s economy is on track to post better-than-targeted outcomes...

Finance Ministry Invites Public Input for 2026 – 2029 Budget

August 9, 2025

CHAN 2024: Uganda Dominates Guinea; South Africa Holds Algeria

August 9, 2025

Ipswich Salvages Late Point in Championship Opener Against Birmingham

August 9, 2025

GFA and BetPawa Enhance partnership; Locker Room Bonus Extended to Malta Guinness Women’s Premier League for 2025/26 Season

August 9, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.