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Core Viewpoint - The Ghanaian Parliament has passed amendments to the Bank of Ghana Act, significantly limiting the central bank's ability to finance government spending, aimed at restoring institutional independence and stabilizing the economy [1][2] Group 1: Legislative Changes - The amended law prohibits the Bank of Ghana from directly purchasing government bonds in the primary market [1] - Emergency loans from the Bank of Ghana are now restricted to force majeure events, including natural disasters and public health emergencies, effectively ending routine support during fiscal pressures [1] - Any temporary advances to cover short-term fiscal revenue gaps must be strictly controlled, have a clear repayment timeline, and require parliamentary approval [1] Group 2: Governance and Accountability - The revised law imposes stricter qualification standards for members of the Bank of Ghana's board and enhances auditing and reporting requirements to improve transparency and accountability [2] - It establishes a framework for closer coordination between the government and the central bank regarding medium-term inflation targets, aiming to anchor price expectations while maintaining operational autonomy [2] Group 3: IMF Support and Economic Reforms - These changes are part of Ghana's commitments under an International Monetary Fund support program, which requires strengthening fiscal discipline and limiting central bank financing [2] - The amendments also allow for capital restructuring of the Bank of Ghana with presidential approval, enabling compliance with statutory capital requirements without compromising its independence [2]