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IMF team questions Bank of Ghana Amendment Bill

"A team from the International Monetary Fund (IMF), led by Joël Toujas-Bernaté, on a third review of Ghana’s programme with the IMF has questioned some legislations passed by parliament recently."

Source: GHR1/Citifmonline

Posted on : Sun 04 Sep 2016

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A team from the International Monetary Fund (IMF), led by Joël Toujas-Bernaté, on a third review of Ghana’s programme with the IMF has questioned some legislations passed by parliament recently.

According to the team, “outstanding questions remain with regards to certain elements of the legislations recently passed by Parliament and discussions will continue”.

Parliament recently passed the Bank of Ghana Amendment Bill which was critical to the IMF conditions in granting the central bank power, as well as eliminate government’s budget financing by the BoG to zero percent. Parliament however kept the cap at 5 percent.

The release, which was copied to Citi Business News stated that the team visited Accra from August 29 to September 2, 2016 to continue discussions on the third review of Ghana’s financial and economic program supported by the IMF’s Extended Credit Facility (ECF) It stated that the team had constructive discussions with the authorities during the week on a few outstanding issues.

“The discussions focused mainly on updating the macroeconomic projections, firming up the fiscal outlook for 2016, and ascertaining that financial pressures faced by the main State Owned Enterprises (SOEs) in the energy sector will not pose additional risks to the central government budget,” it said.

“The mission met with H.E. President John Dramani Mahama; Finance Minister Seth Terkper; Bank of Ghana Governor Dr. Abdul-Nashiri Issahaku; and other senior officials”.

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