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Minority resists govt’s attempt to amend BoG reserve figures

The Minority in Parliament has resisted attempts by the government to amend portions of a report of the Finance Committee on the $750 million Afreximbank facility.

The committee’s report quoted finance minister Ken Ofori-Atta as having told the committee the reserves of the BoG have dwindled from $9 billion to 3 billion.

Chairman of the Finance Committee in Parliament, Kwaku Kwarteng moved the motion for amendment of the committee’s report to indicate the reserves dwindled from over $9 billion to 7 billion and not 3 billion.

“The loan agreement between the Government of Ghana and Africa Export Import Bank for a maximum of $750 million to finance and capital related expenditures in the 2022 budget statement. In that report Mr. Speaker we reported that the International Reserve of the Bank of Ghana had declined from $9 billion to $3 billion.

Mr. Speaker this was an error, it was an unfortunate oversight. According to the Bank of Ghana the Gross International Reserve of the country was $9.7 billion at the close of December 2021. This declined to $7.68 billion at the close of June 2022,” the deputy Finance Minister disclosed.

But, the Minority through Ranking Member for the Finance Committee, Cassiel Ato Forson rejected the move by the deputy Finance Minister.

“Mr. Speaker, I am not aware that a statement can amend a Committee’s report that has been adopted and subsequently approved. The $3 billion that the Committee’s report captured did not just surface, these are statements that came from the Minister responsible for Finance,” the Ranking Member recounted.

He added that the Deputy Minister is not responsible for changes to be effected rather the Central Bank has to take responsibility and take the necessary steps.

“It is for the Central Bank to issue a statement, the Bank of Ghana should be the one to issue a statement to correct the same if it is not the case,” Mr. Forson reiterated.

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