The Director of Research at the Institute of Economic Affairs (IEA), Dr. John Kwakye, has descended on government for borrowing from the Bank of Ghana.

Bloomberg reported that the International Monetary Fund (IMF) is pushing the government to stop borrowing from its Bank of Ghana.

Prior to that, Minority Leader in Parliament, Cassiel Ato Forson, accused the Bank of Ghana for printing more than 55 billion to government in 2022.

In a tweet, Dr. Kwakye said it should not take IMF to direct government not to borrow from the Bank of Ghana.

“It should not take IMF to direct our government not to borrow from BoG”.

“BoG should refrain from breaching its own act by avoiding excess lending to government, as that fuels inflation and exchange rate depreciation”, he added.  

The IMF wants government and Bank of Ghana to sign a commitment to zero financing.

The accord, market watchers, is a condition Ghana is required to meet in order to secure final approval for a $3 billion IMF bailout.