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Over $ 5 billion to be moved from private banks - Govt

By Sam Edem
The Ghana cedi notes.
The Ghana cedi notes

Finance Minister, Ken Ofori Atta has disclosed that over $5 billion of government’s funds with some commercial banks in the country will be moved into a Single Treasury Account at the Bank of Ghana.

The Minister made the disclosure in response to questions on the public accounts issue during an encounter with the press, on Thursday August 10.

The government of Ghana in July announced that all government or public funds with commercial banking institutions in the country will be moved into a Single Treasury Account with the nation’s central bank.

Mr. Ofori Atta also reiterated the commitment of the government through the Finance Ministry to clear all debts owed the private banks starting from September 2017; expressing the hope that the energy bond will generate the required funds to meet that need.

Commenting on the ongoing process, the Governor of the Bank of Ghana Dr. Ernest Addison also told the Press that the private banks will not be affected by the measure and called for their “support for the initiative”.

The Single Treasury Account move by the government, has increasingly sent fears across the banking industry as well as the general Ghanaian public as to what the impact of the decision would mean to business activities – particularly those of the commercial banks.