According to Ken Ofori-Atta, the minister of finance, the Bank of Ghana (BoG) lent the government GH37.96 billion in total in 2022 to help fulfill the needs of public expenditures.
The Bank of Ghana Act, 2002 (Act 612), Section 30(6), which mandates that the Minister notify Parliament of the amount borrowed from the central bank during an emergency, was complied with in the report to the legislature.
We view the Finance Minister’s decision as a victory for institutional monitoring and good governance, even if it is rather tardy.
This explains why until the crisis forced it, the government, Bank of Ghana, and the International Monetary Fund (IMF) had adopted the zero deficit financing.