Financial sector clean-up: Government of Ghana waiting on Parliament's approval for GH¢15.6billion bailout

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

Finance Minister, Ken Ofori-Atta

This follows after some media reports showed that Parliament had rejected the request.

The Information Minister, Kojo Oppong Nkrumah, who is also a member of the Finance Committee of Parliament who disclosed the information stated that contrary to the media reports, the request has not been rejected.

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

The report of the committee is expected to be taken to the plenary this week for parliamentary approval," he said.

President Akufo-Addo had, earlier, 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 the liquidity of the financial sector.

Background

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.

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