The chairman of Parliament’s Finance Committee, Kwaku Agyeman Kwarteng has conceded that the committee’s report citing the country’s international reserves plummeting from US$9m to US$3bn was an error.
In a statement signed and released by Mr. Kwarteng on Friday, he stated “In a report, we reported that the international reserves of the Bank of Ghana had declined from US$9m to US$3bn.
Mr.Speaker, this was an error. It was an unfortunate oversight.”
The issue follows a report laid on behalf of the Finance Committee before parliament on Tuesday on the loan facility agreement between government and African Export-Import Bank for a maximum of US$750m to finance capital and growth-related expenditures in the 2022 Budget Statement.
According to the Bank of Ghana, the Gross International Reserves of the country was US$9.70bn at the close of December 2021. It declined to US$7.68bn at the close of June 2022.
In terms of Net International Reserves, the country closed December 2021 with US$6.08m. This position declined to US$3.58bn at the close of June 2022.
Mr.Kwarteng who is also the Member of Parliament for Obuasi West said “The error is regretted and I request the Clerk at Table to ensure that all the records are accordingly corrected.”
Parliament on Wednesday passed a US$750m loan facility to finance capital and growth related expenditure in the 2022 budget .
The report which granted the Finance Minister the greenlight to source the amount from the African Export Import Bank reported that the central bank reserves had reduced from US$9m to US$3bn.