BoG’s independence should remain a priority – IMF to government

The International Monetary Fund (IMF) has urged Ghana's Cabinet to prioritize amendments to the Bank of Ghana Act to strengthen the Central Bank's independence, following its significant exposure to government financing.

The IMF recommends a cautious approach to the Bank's recapitalization, considering fiscal constraints under the Economic Credit Facility.

The IMF supports the Bank's prudent monetary policy stance but emphasizes the need for continued progress on safeguards and inflation control.

The IMF also advises the Bank of Ghana to rebuild international reserves, limit foreign exchange interventions, and implement reforms to enhance exchange rate flexibility and deepen the market.