Central Bank does not need Parliamentary Approval for IMF credit facility - Dr. Henry Wampah

Governor of the Bank of Ghana, Dr. Henry Wampah says the Central Bank does not need Parliamentary approval to access credit facility from the IMF.

Reacting to concerns raised by the Minority with regards to the IMF bailout, Dr. Wampah said such a facility affects the balance sheet of the Central Bank, improves its reserves and supports Balance of Payment.

Dr. Wampah said this at a media briefing after a review of the economy.

He said this is not the first time government through the Bank of Ghana has acquired such a facility adding that the practice is common in other countries.

Answering a question on whether Ghana has already entered the threshold of a Highly Indebted Poor Country, HIPC, Dr. Wampah said although the country's debt stock currently stands at GH¢94.5 billion, that is 70.9% of GDP and Ghana cannot be described as a HIPC country.

He said a country's status as HIPC lies with its government.

Meanwhile, the Minister of Finance will from next week lead a delegation for the road show on the Eurobond facility.

Dr. Wampah said part of the proceeds from the Eurobond will be used to pay off old debts.


GBC