Ghana and the IMF Have Struck a Deal, but Hard Choices Lie Ahead TC_Africa: Ghana
To complete the process, please follow the instructions in the email we just sent you.Central bank financing of fiscal deficits isn't new. It became important following the 2008-09 global financial crisis and the COVID-19 pandemic due to increasing government debts and reduced tax revenues. The amount of central bank financing is often codified in law and subject to legislative approval in most countries.
To ensure discipline, the IMF has asked for the current law governing the central bank to be amended. This is to strengthen central bank independence and eliminate central bank financing of the budget deficit, which further drives inflation. The government would stop borrowing from the Bank of Ghana. There would be a clear definition of emergencies under which this limit could be temporarily lifted, and how it could be enforced.
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