Bank of Ghana admits monetising government debt

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The Bank of Ghana (BoG) confirmed it financed part of the government's budget deficit of 2.1% in the first quarter through "direct" purchases of sovereign bonds.

The practice was flagged up in a Fitch report, published earlier this week, which was described today as "unfair" by a senior BoG official. The ratings agency, which claimed the BoG had "provided funding equivalent to 10% of government revenue – twice the [bank's] full-year limit" said it was an "illustration of the financing challenges

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