Akufo-Addo approves GH¢ 15.6bn for financial sector support

Finance Minister, Ken Ofori-Atta’s request for ¢15.6 billion to support the financial sector has been approved by President Nana Akufo-Addo.

The money, according to the Minister is to protect monies of depositors’ of the failed financial institutions and also strengthen the financial sector.

A letter from the President’s Secretary, Nana Bediatuo Asante, confirmed the approval.

The letter quoted a memorandum to Parliament in which the Finance Minister was seeking the House’s approval for the said amount.

The Finance Minister had earlier requested approval for the expenditure from Parliament. The Minority Spokesperson on Finance, Cassiel Ato Forson, however, demanded evidence justifying the huge expenditure. Among the evidence sought by the MP was brief documentation on the road map that will ensure prompt payment of the investors and depositors funds that are locked up as a result of the shutdown of these entities. This, he said, would enable the Finance Committee to carry out appropriate due diligence in the request for approval of the transaction. However, there were reports that government had failed to secure the approval from the Finance Committee. It is unclear if this led the President to give executive approval for the expenditure.

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