imf Archives - Wontumi Online

05 Feb

Minority Threatens To Petition IMF Over Dropped Charges Against BoG Acting Governor

CUD Wontumi0 CommentsBusinessimf, Minority, Petition

The Minority in Parliament has strongly criticised President John Dramani Mahama for allowing the discontinuation of criminal charges against Dr. Johnson Pandit Asiamah, the acting Governor of the Bank of Ghana (BoG). Addressing a press conference on Wednesday, 5th February, the Minority, led by the Member of Parliament (MP) for Tano North, Dr. Gideon Boako, insisted that the prosecution should be allowed to proceed despite Dr. Asiamah’s appointment. They argued that dropping the charges raises serious concerns about governance and accountability. According to the Minority, the decision to discontinue the case could have far-reaching economic and political consequences for Ghana.…

29 Jan

Ghana To Get $150 Million From World Bank To Improve Energy Sector

CUD Wontumi0 CommentsBusinessenergy sector, imf

The World Bank Board of Directors has approved a $1.6 billion landmark investment programme to bolster regional power system integration, enhance energy security, and advance the transition to a more affordable, sustainable, and lower carbon power sector in West Africa. Out of the portfolio, Ghana would be allocated $150 million to support the country’s energy sector to ensure reliable electricity supply to households in the country, industries and businesses. The $1.6 billion multiphase West Africa Regional Electricity Market Programme (WA-REMP), supported by the International Development Association (IDA), would address crucial electricity needs for households, industries, and medium-sized companies, as well…

29 Jan

IMF Talks Loom — As Ghana Misses Inflation Target

CUD Wontumi0 CommentsBusinessimf

Ghana's inflation performance in 2024 has fallen short of expectations, necessitating fresh discussions with the International Monetary Fund (IMF) regarding policy adjustments. The country recorded a December inflation rate of 23.8%, significantly higher than both the government's 15% target in the 2024 budget and the Bank of Ghana's revised target of 18%. In response to a question from the Graphic Business at the Monetary Policy Committee press conference in Accra yesterday, Bank of Ghana Governor, Dr Ernest Addison, acknowledged that the 23.8% inflation rate has reached a critical threshold requiring IMF consultation. "We need to discuss with the fund about…

16 Jan

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

CUD WontumiBusinessAkufo-Addo, COVID-19 fight, imf, IMF boss

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

CUD WontumiBusinessAmin Adam, imf

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

wontumionlineBusinessBoG, imf

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

wontumionlineBusinessimf

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

wontumionlineBusinessimf

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…