Ghana
Ghana could have gone bankrupt if we did not collect loans – Finance Committee
According to a Finance Committee report on the Loan Facility Agreement between the government of Ghana and AfreximBank for a loan of up to $750 million, the country would have gone bankrupt if this loan amount had not been approved.
A recent report by Parliament’s Finance Committee revealed the country’s precarious financial situation, stating that the Bank of Ghana’s foreign reserves are dwindling and have dropped from $9 billion to around $3 billion.
According to the report, “these challenges are exacerbated further by the Bank of Ghana’s rapidly dwindling reserves, which have fallen from $9 billion to around $3 billion.” With a monthly demand of more than $600 million, the central bank’s reserves may be depleted in a matter of months if immediate steps are not taken to shore up the country’s reserves.”
Finance Minister Ken Ofori-Atta explained to MPs that the country needed this loan amount to shore up the Central Bank’s reserve position.
The Minister added that “it is vital for the government to get the $750 million facility to help shore up the reserve position of the Bank of Ghana in order to avoid the country owing on its international commitments and also to avoid the country entering bankruptcy.”
- MORE STORIES: Corruption in Ghana consume GH¢5 billion in 2021.
- Black Sharks of Ghana prepare for Afcon beach soccer qualifier against Egypt
- Inflation in Ghana hit almost 30% in June.
-
Headlines9 months ago
Can Peter Obi Change Nigeria with his agenda and can he fulfill his promises?
-
business9 months ago
How to Start a Roadside Restaurant Business in Nigeria
-
Headlines7 months ago
Thousands of migrants protest after dozens died in a attempt to cross into Spanish enclave of Mellila
-
Featured post9 months ago
Is there unity in the African Union?
-
business7 months ago
China Gift Zimbabwe $160 million new parliament building
-
Politics7 months ago
Nigeria Army denies planned protest over unpaid salaries
-
business9 months ago
How to detect a Nigerian Ponzi scheme
-
Entertainment7 months ago
How APC paid Portable to campaign for Tinubu