BoG defends financing of gov’t expenditure last year

financed the government to the tune GH¢44.5 billion.

The bank in statement said the IMF team assessed it to be necessary but part of a comprehensive solution to be addressed in the government’s economic policies and programmes to be supported by the IMF.

By Benson Afful

The statement signed by the Secretary of BoG, Ms Sandra Thompson, also explained that the crisis that the country found itself in last year meant that the central bank lending was critical “to avert a disorderly default of both servicing for domestic and external debt.”

It noted that the funding helped to finance critical imports to keep the economy on the stable path.

The bank said it was compelled to re-state its earlier assessments on the matter and address misinformation and inaccuracies while helping to anchor the discussions in the public domain.