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Finance Committee - Bank of Ghana foreign reserves has decline from $9bn to $3bn

A new report by the Finance Committee of Parliament has uncovered the dubious condition of the nation's funds.

As per the report of the Finance Committee on Loan Facility Agreement between government of Ghana and the AfreximBank for a loan of up to $750 million, the nation would have gone bankrupt without approval of this loan amount.

The Committee's report additionally expressed that the Bank of Ghana's foreign reserves is being dwindled and has moved from $9 billion to about $3 billion.

These difficulties are additionally exacerbated by the quickly diminishing reserves of the Bank of Ghana which has declined from $9 billion to about $3 billion. With a month to month interest of more than $600 million, the reserves of the national bank might be depleted in a couple of months in the event that earnest advances are not taken to support the nations holds.

As per the council report which has been laid in Parliament and taken on by the House, the Finance Minister Ken Ofori-Atta made sense of for MPs that the nation required this loan add up to support the reserve position of the Central Bank.

The Minister additionally showed that, there is a dire requirement for the public authority to tie down the $750 million office to assist with supporting the reserve position of the Bank of Ghana to stay away from the nation defaulting on its worldwide responsibilities and furthermore to keep away from the nation moving into indebtedness.

The Minister said regardless of the office appearing to be costly in front of its, it's an impression of the general economic situations.

The report specifies 11 tasks the advance sum will be utilized to back including the Ofankor - Nsawam street, the Suame Interchange and nearby street network project as well as the finishing of the vase trade.

Parliament has since supported the loan arrangement between the public authority of Ghana and the African Export-Import Bank (AfreximBank).

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