The International Monetary Fund (IMF) and the Government of Ghana have reached an agreement that Ghana cannot pass its proposed legislative instrument (L.I.) to restrict the importation of certain goods into the country. This agreement is part of the 3 billion bailout program, and it prohibits Ghana from imposing import restrictions during the implementation of the program.
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According to a report by myjoyonline.com, the clause in the bailout agreement that prevents Ghana from imposing import restrictions can be found on page 76 of the program document. The document states, "No imposition or intensification of import restrictions for balance of payments reasons."
The report also outlined three other major restrictions placed on the Government of Ghana as part of the IMF deal, including limitations on making payments and transfers for current international transactions, multiple currency practices, and bilateral payment agreements inconsistent with Article VIII of the IMF Articles of Arrangement.
In response to this agreement, the government has suspended its decision to introduce an L.I. that would have restricted the importation of 22 selected strategic products into Ghana. The Minister of Trade and Industry, Kobina Tahir Hammond, had attempted to lay the legislative instrument but faced opposition from the minority caucus in the house.
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