The International Monetary Fund is proposing strict amendments to the Bank of Ghana Act to ensure complete independence of the Central Bank, Starr News has gathered.

The move is to ensure that the Central Bank is devoid of interference from government.

It also forms part of measures by the Bretton Wood Institution to control government’s appetite for borrowing.

Speaking to Starr News, the Executive Director for the Center for Economic Policy Analysis, Dr. Joe Abbey, said the move would keep the Central Bank on its core mandate.

“There is a feeling in some circles that the Bank of Ghana has over the last year or two veered away from inflation being its main task to trying to find finances for the budget deficit…and the response therefore is to protect them so that they do not continue to do that kind of thing.

“So those who think that way believe that we must tighten the laws in the Bank of Ghana act so that we give them more security so that if they [Bank of Ghana] have to say no, they can say no”.

Credit: Starrfmonline