IMF angry with Bank of Ghana

The Free Press reports that International Monetary Fund (IMF) officials currently visiting Ghana are unhappy with Bank of Ghana's handling of money supply in the country saying, "it is too high".

"Bank of Ghana did not control expenditure properly last year. The Bank printed 900 billion cedis into the economy to help the NDC in the December 7, elections", an official source told the paper in an interview last Tuesday.

Bank of Ghana was vulnerable to pressures from the defeated NDC government over the years. The situation led to an increase in inflation of up to 40.5 per cent, which is generally responsible for the hikes in prices of commodities in the country.

The IMF team, which arrived in the country a week ago has been assessing Ghana's financial performance over the government of President John Agyekum Kufuor on which position to take on the Highly Indebted Poor Countries Initiative (HIPC)