BoG justifies decision to outsource some fund raising, investment exercise

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The Bank of Ghana (BoG) has justified its decision to outsource some of its fund raising exercise as well as investments.

The Central Bank, which acts as the bank for government, had in recent times fallen on external banks to raise government’s bonds. Private firms also manage some of the funds.

But responding to some questions from Parliament’s Accounts Committee Tuesday, Deputy Governor of the Bank, Johnson Asiama said it should be seen as a normal practice by any Central Bank.

He however assured that these funds have been managed prudently.

The Governor also added that decision to allow mining firms to hold on to some of its dollar revenues was to help stabilize the Ghana cedi.

The Governor also assured members of parliament interest rates would eventually in line with recent policy rate cuts.

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