Gov’t determined to protect, support banks to finance economic recovery – Ofori-Atta

The passage of outstanding revenue bills by Parliament remains critical to government programmes as well as to enable the state to complete four of the five agreed prior actions in the International Monetary Fund (IMF) Staff Level Agreemen
Ken Ofori Atta

Finance Minister, Ken Ofori-Atta, has reechoed the government’s commitment to protect and support banks operating in the country to aid the economic recovery effort.

“We are determined to protect banks operating in Ghana and strengthen their capacity to finance the economic recovery and growth we see before us,” the minister said when he addressed Parliament on the government’s Domestic Debt Exchange Programme on Thursday, February 16, 2023.

Mr. Offori-Attah said prudential measures are being employed to mitigate further impacts on the financial landscape and importantly on domestic creditors as government seal over 80 per cent participation in its Domestic Debt Exchange Programme (DDEP).

“Billions of taxpayer’s monies were used between 2017 and 2019 to rescue the financial sector. We have no intention to imperil that work…Government is mindful of exchanges ramifications on the country’s financial health, as a result the government is developing several prudential measures to mitigate the potential impact on domestic creditors considering the need to preserve financial stability,” he said.

“In addition, a Financial Stability Fund is being established with the help of development partners to provide liquidity and solvency support to banks, fund managers and collective investment schemes to ensure that they are able to meet their obligations to their clients,” the minister added.

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