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Fiscal Policy IMF questions amended BoG act after concluding visit to Ghana

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

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The International Monetary Fund (IMF) has raised questions about the amended Bank of Ghana (BoG) act after concluding its third review visit to Ghana.

The team was led by IMF's mission to Ghana, Mr. Joël Toujas-Bernaté.

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

In a statement after the meeting, Mr. Toujas-Bernaté said understanding were reached on many 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," he said.

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On the amended BoG act, the fund noted:

"Outstanding questions remain with regards to certain elements of the legislations recently passed by Parliament and discussions will continue," the statement said.

It will be recalled that parliament rejected a key tenet of the IMF condition for the release of the third tranche of funds under the programme -- which is the zero financing of the central government by the Bank of Ghana.

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