\n
Government has started moving state funds held with commercial banks to a dedicated account at the Bank of Ghana as the implementation of\u00a0single Treasury Account begins.<\/p>\n
The movement, which started this July, is part of plans to improve management of state funds.\u00a0<\/p>\n
Projected value of these accounts<\/b><\/p>\n
<\/p>\n
An audit carried out last year puts the value of\u00a0funds held by commercial banks at a little over \u00a26 billion with\u00a0the last count showing\u00a0the number of individual government accounts at around 6000.<\/p>\n
Reasons for the introduction\u00a0\u00a0 <\/b><\/p>\n
According to government, it has started implementing the single Treasury Account to help better manage public funds. It also wants to deal with corruption; waste and to let managers appreciate the total amount of funds in the state coffers.<\/p>\n
Further, goverment\u00a0wants to use the policy to encourage banks to lend to the private sector as most of the banks depended on the government\u2019s funds to improve their liquidity and even buy treasury bills.<\/p>\n
While some argue that moving these funds could force the banks to be innovative to grow their loan books, others say managers want to use the policy to also check government\u2019s expenditure.<\/p>\n
The Public Financial Management Act 2016 (ACT 921) requires government to set up this account.\u00a0<\/p>\n
According to the Act, the account is to serve as a unified Structure of government account to give a consolidated view of government cash and resources, including money received by covered entities shall be deposited<\/p>\n
Economist Dr John Kwakye\u00a0told JOYBUSINESS that government must move cautiously with this policy because it could cripple the operations of the some of the banks.\u00a0He\u00a0rather wants government to stagger the implementation of the policy.<\/p>\n
So far, there have been mixed reactions to the policy. Whiles some banks have welcomed the initiative others think that it could affect the operations of banks.\u00a0<\/p>\n
Managing Director of Royal Bank, Osei Asafo-Adjei told JOYBUSINESS he does not think the move is a good decision, \u201cbecause government is the biggest spender in this country and our economy is not adequately diversified when it comes to liquidity and resources\u201d.\u00a0<\/p>\n
\u201cI feel that in other to support the banking industry, which is very an important segment of our economic development, banks should be allowed to bank some of the MDA\u2019s rather, rather than concentrating on government account at the bank of Ghana which would not be helpful,” he added.<\/p>\n<\/div>\n
\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\u0642\u0627\u0644\u0628 \u0648\u0631\u062f\u067e\u0631\u0633<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Government has started moving state funds held with commercial banks to a dedicated account at the Bank of Ghana as the implementation of\u00a0single Treasury Account begins. The movement, which started this July, is part of plans to improve management of state funds.\u00a0 Projected value of these accounts An audit carried out last year puts the […]<\/p>\n","protected":false},"author":0,"featured_media":406625,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-407019","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"\n
Gov\u2019t to move over \u00a26 billion state funds at private banks to BoG - Ghanamma.com<\/title>\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.ghanamma.com\/2017\/07\/30\/govt-to-move-over-\u00a26-billion-state-funds-at-private-banks-to-bog\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Gov\u2019t to move over \u00a26 billion state funds at private banks to BoG - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"Government has started moving state funds held with commercial banks to a dedicated account at the Bank of Ghana as the implementation of\u00a0single Treasury Account begins. 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