Ghana's macroeconomic and fiscal outlook  are being reassessed by the International Monetary Fund (IMF)   in light of new legislation that could breach a key requirement of its $918 million loan package for the the country,the Washington-based lender said on Monday.

The IMF also confirmed it was discussing with the government the debt pressures that have emerged in Ghana's energy-related state-owned enterprises sector.

Parliament,earlier this month, passed the Bank of Ghana (BoG) Amendment Bill to allow the central bank to finance the government's budget deficit up to 5 percent of the previous year's revenue.

The IMF had demanded that the central bank be barred from deficit financing,with a window of 2% – 3% of BOG financing for liquidity management, but Ghana argues the objective of the amendment is to significantly strengthen the Central Bank’s functional autonomy, governance and ability to respond to banking sector crises.

The deputy finance minister,  Cassiel Ato Baah Forson  said  that despite the new law, the government would not finance its deficit with central bank funds, according to  Reuters.

IMF Ghana mission chief Joel Toujas-Bernate said in a statement said: "Discussions between staff and the authorities are currently ongoing to update macroeconomic projections, firm up the fiscal outlook for the remainder of 2016 and ascertain that financial pressures in SOEs will not pose additional risks to the central government budget.

"Subject to a quick and positive conclusion of these discussions, staff expects the third program review to be considered by the IMF Executive Board around mid-September," Toujas-Bernate said.

The finance minister, Seth Kerkper, led a delegation to Washington two weeks ago to reassure IMF officials of the government's commitment to the three-year loan deal and to help restore investor confidence after a failed attempt to issue a $500 million Eurobond.

The third review mission was concluded in May 2016, as authorities are  waiting for the Fund to go to the Board for the approval of the third review on August 29.

"Discussions between staff and the authorities are currently ongoing to update macroeconomic projections, firm up the fiscal outlook for the remainder of 2016 and ascertain that financial pressures in SOEs will not pose additional risks to the central government budget," the Fund said in a statement.

"Subject to a quick and positive conclusion of these discussions, staff expects the third program review to be considered by the IMF Executive Board around mid-September," it said.