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Ghana IMF Bailout Ghana may lose fourth tranche of IMF revenue

Sources close to the board say the executive panel in charge of Ghana’s bailout program has taken a tough position in ensuring that the Bank of Ghana does not exceed its budgetary support to government.

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The International Monetary Fund may not approve Ghana’s fourth tranche of the 3-year bailout program if the Bank of Ghana Bill is not passed.

Sources close to the board say the executive panel in charge of Ghana’s bailout program has taken a tough position in ensuring that the Bank of Ghana does not exceed its budgetary support to government.

Reduction of government’s budget deficit was one of the conditions agreed upon with the IMF and government, as part of the $960 million- three-year bailout program with the fund.

In 2012, government’s deficit was as high as 12%. And though the Finance Ministry led by Seth Terkper took steps to reduce the deficit to 8% in 2015, and a deficit target of 5.5% in 2016.

READ MORE: Ghana- IMF Bailout Ghana commits to IMF Program for election year prudence

The IMF, however, is not willing to compromise on the passage of the Bank of Ghana bill that will ensure that the Central Bank does not go beyond the constitutional limit in financing government’s budget.

Ghana has a deadline of August ending to pass the bill, or forfeit the approval of the next tranche of funds from the bailout program.

It is believed that the IMF feels obliged to enforce government to adhere to strict stipulation of expenditure consolidation, especially in the election year, government have overspent their budgets.

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