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Stop Borrowing From Our Central Bank, IMF Presses Ghana

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The International Monetary Fund is pushing Ghana’s cash-strapped government to stop borrowing from its central bank, according to people familiar with the matter. The IMF wants the two entities to sign a commitment to zero financing, said the people who asked not to be identified because they’re not authorized to speak publicly on the matter. The accord is a condition Ghana is required to meet in order to secure final approval for a $3 billion IMF bailout, one of the people said. An IMF spokesperson didn’t immediately respond to an email seeking comment. Spokespeople for the Ghanaian finance ministry and the central bank didn’t immediately respond to requests for comment. The decision would bring a halt to central bank loans to the government that amount to about 40 billion cedis ($3.2 billion), according to one of the people. Central-bank lending to Ghana’s government ballooned last year as investor concern about the state of the nation’s public finances depressed demand for its domes...