August 2, 2016 / 7:42 PM / 4 years ago

Ghana's parliament rejects key IMF financing requirement

Visitors are silhouetted against the logo of the International Monetary Fund at the main venue for the IMF and World Bank annual meeting in Tokyo October 10, 2012. REUTERS/Kim Kyung-Hoon

ACCRA (Reuters) - 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.

Reporting by Kwasi Kpodo; Editing by Aaron Ross

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