Ghana's parliament on Tuesday overwhelmingly rejected a key tenet of a $918 million aid deal with the International Monetary Fund (IMF), breaching the terms of a 3-year programme meant to fix an economy dogged by high public debt.
The MPs passed the Bank of Ghana (BoG) Amendment Bill to allow central bank financing of the government's budget deficit up to a ceiling of 5 percent of the previous year's total revenue instead of the zero financing demanded by the IMF.
By: Reuters.
Reporting: Kwasi Kpodo.
Editing: Aaron Ross.
Photo: Financial Watch, Nigeria.
Review: Emerging Market Formulations & Research Unit, FLAGSHIP RECORDS.
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