imf Archives - Wontumi Online

16 Jan

IMF Boss Hails Akufo-Addo’s Economic Reforms, COVID-19 Fight

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IMF Managing Director Kristalina Georgieva has commended former President Nana Addo Dankwa Akufo-Addo for his administration’s economic reforms and adept handling of the COVID-19 pandemic. In a letter marking the end of his tenure, Georgieva praised the proactive measures undertaken by Akufo-Addo’s government, which she described as essential for mitigating the pandemic's impact and maintaining macroeconomic stability. She acknowledged the administration’s collaboration with the IMF, highlighting its role in strengthening Ghana’s economic resilience. Georgieva also credited Akufo-Addo’s advocacy for sub-Saharan Africa during the pandemic for mobilizing critical resources. The successful third review of the IMF-supported program and progress toward restoring…

16 Jan

Amin Adam Has Inspired Confidence In Ghana’s Economic Future – IMF Boss

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Former Finance Minister Dr. Mohammed Amin Adam has received high praise from IMF Managing Director Ms. Kristalina Georgieva for his exceptional leadership in stabilizing Ghana’s economy during his tenure. In a farewell letter, Ms. Georgieva lauded his pivotal role in implementing Ghana's $3 billion IMF-supported program, which restored macroeconomic stability, ensured debt sustainability, and fostered inclusive growth during tough economic times. Highlighting his impact, Ms. Georgieva noted that his efforts bolstered Ghana’s financial outlook and inspired confidence in the country's future. She also expressed optimism about Dr. Amin Adam's continued contributions as a Member of Parliament, commending his passion for…

19 Dec

Maintain A Tight Monetary Policy Stance – IMF To BoG

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The International Monetary Fund (IMF) has urged the Bank of Ghana (BoG) to maintain a tight monetary policy stance given upside risks to inflation while doing more to advance the Fund’s advice on safeguards. According to the Fund, a tight policy stance, supported by robust liquidity absorption operations, is warranted to ensure that inflationary pressures—stemming from the dry spell and the recent cedi depreciation—do not de-anchor inflation expectations while inflation gradually returns within the BoG target band. In its country assessment of Ghana after the third review of the Economic Credit Facility programme, the Bretton Woods institution said continued progress…

12 Dec

Proposals To Review Ghana’s Programme Should Be Guided By ECF Objectives- IMF Warns

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The International Monetary Fund (IMF) has revealed that proposals to re-negotiate Ghana’s programme must be guided by the fiscal objectives of the Extended Credit Facility (ECF). The IMF noted that leading presidential contenders before the December 7 Elections “have also promised vast spending programmes, which will need to be carefully executed to ensure continued adherence to the programme’s fiscal objectives”. The concerns were captured in the IMF staff report, which was submitted to its board on December 2, 2024, following discussions with government at the end of October 4, 2024. President-elect John Dramani Mahama has already pledged to review and…

03 Dec

Ghana’s Fiscal Performance On Track To Achieve Primary Surplus Of 0.5% Of GDP – IMF

wontumionlineBusinessGhana's fiscal performance, imf

The International Monetary Fund (IMF) has revealed that Ghana’s fiscal performance is on track to achieve a primary surplus of half percent of Gross Domestic Product (GDP) on a commitment basis. This is despite emerging spending pressures stemming from a recent dry spell and challenges in the energy sector. It is coming after the Executive Board of the International Monetary Fund (IMF) has completed the third review of Ghana’s 36-month Extended Credit Facility Arrangement. Looking ahead, the IMF said the Ghanaian authorities are committed to further advancing fiscal consolidation by attaining a primary fiscal surplus of 1½ percent of GDP…

22 Nov

IMF Board To Disburse $360M To Ghana In December After Third Review

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The International Monetary Fund (IMF) board is set to meet in early December and approve the disbursement of US$360 million to Ghana. This will be in line with Ghana passing the third review under the fund programme. “Once the review is completed by the IMF’s executive board, Ghana would have access to about $360 million in terms of disbursement”, the Director of Communications at the IMF Julie Kozack disclosed at news conference in Washington DC USA. “We are working, our staff are working toward a board meeting in early December and will provide additional details on the precise date when…

22 Oct

As Inflation Recedes, Global Economy Needs Policy Triple Pivot – IMF

wontumionlineBusinessimf

Let’s start with the good news: it looks like the global battle against inflation has largely been won, even if price pressures persist in some countries. After peaking at 9.4 percent year-on-year in the third quarter of 2022, we now project headline inflation will fall to 3.5 percent by the end of next year, slightly below the average during the two decades before the pandemic. In most countries, inflation is now hovering close to central bank targets, paving the way for monetary easing across major central banks. The global economy remained unusually resilient throughout the disinflationary process. Growth is projected…

18 Oct

IMF Cuts Borrowing Costs By $1.2 Billion Annually

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The Executive Board of the International Monetary Fund (IMF) has reviewed the Fund’s charges and surcharge policy, resulting in a cut on the cost of borrowing. Ms Kristalina Georgieva, Managing Director of the IMF, issued a statement following the conclusion of the review, saying: “In a challenging global environment and at a time of high interest rates, our membership has reached consensus on a comprehensive package that substantially reduces the cost of borrowing while safeguarding the IMF's financial capacity to support countries in need." She said: “The approved measures will lower IMF borrowing costs for members by 36 per cent, or about…

04 Sep

3rd IMF Review Scheduled For Sept. 24 … Govt Confident Of Meeting Targets

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A mission from the International Monetary Fund (IMF) will be in Ghana from September 24 to October 4 for the third review of the country’s three year programme with the fund. Advertisement This follows the successful completion of the second review which paved the way for the release of $360 million to the country. The third review will among others assess the performance of the country in relation to the performance targets agreed with the Fund under the programme. It will assess the six Quantitative Performance Criteria (QPCs), four Indicative Targets (ITs), and a number of Structural Benchmarks (SBs) due…

14 Aug

IMF, World Bank Inflows Expected To Ease Yuletide Cedi Pressure

wontumionlineBusinessCedi pressure, imf

Inflows from the International Monetary Fund (IMF) and World Bank are expected to provide some respite for the cedi as the country braces for the traditional surge in demand for foreign exchange during the festive season. With the third-quarter demand season less than six weeks away, concerns have been raised over its potential impact on the local unit which has fluctuated against its major trading partners. While the cedi has shown relative stability in recent months, thanks in part to central bank intervention among others, analysts warn that the currency remains vulnerable to shocks. The upcoming elections and associated increase in government…