Govt To Secure Parliamentary Approval For GH¢ 15.6bn Bailout

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Dr. Ernest AddisonGovernor of BoG

Government says it is on course to secure Parliamentary approval for GH¢ 15.6 billion bailout for the financial sector clean-up.

Contrary to some media reports that Parliament had rejected the request, Information Minister, Kojo Oppong Nkrumah, who is also a member of the Finance Committee of Parliament, disclosed that the request has not been rejected.

The committee held a meeting on Thursday, 5th December 2019, and received government’s request and even explored if the government could spend abit more on the exercise.

The report of the committee is expected to be taken to the plenary this coming week for parliamentary approval.

Earlier President Akufo-Addo had given executive approval for the Ministry of Finance to proceed to parliament for approval

Mr Oppong Nkrumah said this was an indication of the President’s commitment to ensuring that depositors who were affected will receive their funds and improve liquidity of the financial sector.

The banking sector has since 2017 seen series of clean up exercises carried out by the Bank of Ghana and the Security and Exchange Commission.

Government believes the requested amount will give the necessary support the sector requires to bounce back on its feet and be stronger.

BY Melvin Tarlue

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