Minister of State at the Ministry of Finance and Economic Planning, Dr Mohammed Amin Adam, has come to the defense of the Bank of Ghana in its 60 billion cedis loss, saying the bank was not reckless but the losses were incurred due to the government’s Domestic Debt Exchange Program, DDEP.
Dr. Amin, however, said the government is working to address the challenges and announced that a financial stability fund has been set up to support local banks to address liquidity challenges.
He said affected entities will need to avail themselves of the support to address their liquidity challenges.