The Institute for Fiscal Studies has gathered that as part of the structural reforms to strengthen the country’s public finances and fiscal discipline, the International Monetary Fund (IMF) has advised that the Bank of Ghana Act, 2002 (Act 612) be amended. The amendment is intended to significantly strengthen the Central Bank’s functional autonomy, governance, and ability to respond to banking sector crisis. The Bill seeks to plug the loopholes identified in the Act. The amendment also seeks to separate the autonomy provisions from other objectives of the Bank to strengthen the functional autonomy of the Bank of Ghana in the performance of its functions. Furthermore, the amendment provides for the preparation of the financial statements of the Bank in compliance with generally accepted accounting practices. The IFS welcomes the proposal to amend the Bank of Ghana Act, 2002 (Act 612) and wishes to make the following contribution to the discussions around the amendment of the Act.

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