IMF

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

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

Wontumi10 CommentsBusiness
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…
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Ghana’s Fiscal Performance On Track To Achieve Primary Surplus Of 0.5% Of GDP – IMF
03 Dec

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

Wontumi10 CommentsBusiness,
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…
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IMF Board To Disburse $360M To Ghana In December After Third Review
22 Nov

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

Wontumi1Business
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…
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As Inflation Recedes, Global Economy Needs Policy Triple Pivot – IMF
22 Oct

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

Wontumi1Business
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…
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IMF Cuts Borrowing Costs By $1.2 Billion Annually
18 Oct

IMF Cuts Borrowing Costs By $1.2 Billion Annually

Wontumi1Business
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…
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3rd IMF Review Scheduled For Sept. 24 … Govt Confident Of Meeting Targets
04 Sep

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

Wontumi1Business
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…
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IMF, World Bank Inflows Expected To Ease Yuletide Cedi Pressure
14 Aug

IMF, World Bank Inflows Expected To Ease Yuletide Cedi Pressure

Wontumi1Business,
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…
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BoG’s Independence Should Remain A Priority – IMF To Government
01 Aug

BoG’s Independence Should Remain A Priority – IMF To Government

Wontumi1Business,
The International Monetary Fund (IMF) wants the adoption by Cabinet of the amendments to the Bank of Ghana Act to remain a priority to strengthen the Central Bank’s independence. This follows the high exposure of the Central Bank to the Government of Ghana’s financing. According to the Fund, the recapitalisation of the Bank of Ghana should follow a cautious approach that considers fiscal space available under the Economic Credit Facility programme. It however stated that the Bank of Ghana’s commitment to maintain a prudent monetary stance is welcome, but more progress is needed to address the Fund’s safeguards assessment recommendations.…
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IMF Maintains Global Growth Forecast At 3.2% For 2024
17 Jul

IMF Maintains Global Growth Forecast At 3.2% For 2024

Wontumi1Business,
Global growth is projected to be in line with the April 2024 World Economic Outlook (WEO) forecast, at 3.2% in 2024 and 3.3% in 2025. According to the International Monetary Fund, global activity and world trade firmed up at the turn of the year, with trade spurred by strong exports from Asia, particularly in the technology sector. Relative to the April 2024 WEO, first quarter growth surprised on the upside in many countries, although downside surprises in Japan and the United States were notable. In the United States, after a sustained period of strong outperformance, a sharper-than-expected slowdown in growth…
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$360m Third Tranche Of IMF Cash Hits BOG’s Account
02 Jul

$360m Third Tranche Of IMF Cash Hits BOG’s Account

Wontumi1Business,
Government has received US$360 million as the third tranche of Ghana’s bailout package with the International Monetary Fund (IMF). The cash meant for budget support and stabilization of the local currency, was officially credited to the Central Bank’s account today, Tuesday July 2, 2024. It follows the Executive Board’s approval of the second review last Friday, June 28, 2024. This means, Ghana has received a total of US$ 1.56 billion out of the $3 billion approved under the three-year extended credit facility. Citi News understands, the money will be used to support activities in the 2024 budget. The fourth tranche of…
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