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Ghana parliament body rejects key central bank reform bill


Reuters, July 22, Ghanadot - Ghana's parliament has taken a step toward passing a law on central bank reform that could breach a key tenet of its $918 million aid deal with the International Monetary Fund (IMF), parliamentary and finance sources told Reuters.

The parliamentary finance committee has recommended a change to the Bank of Ghana (BoG) Amendment Bill to allow central bank financing of the budget deficit up to 5 percent of the previous year's total revenue, the committee's chairman said.

Current law allows the Bank to finance the deficit up to 10 percent but the IMF wants the funding eliminated as part of Ghana's austerity program to restore economic balance and boost sustainable growth.
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Ghana parliament body rejects key central bank reform bill
Reuters, July 22, Ghanadot - Ghana's parliament has taken a step toward passing a law on central bank reform that could breach a key tenet of its $918 million aid deal with the International Monetary Fund (IMF), parliamentary and finance sources told Reuters

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