IMF Bailout

It Was A Painful Decision For Me To Take – Akufo-Addo On Going To IMF
29 May

It Was A Painful Decision For Me To Take – Akufo-Addo On Going To IMF

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President Nana Addo Dankwa Akufo-Addo has said that going to the International Monetary Fund (IMF) for a bailout was a painful decision that he took. He said the IMF was not part of the economic transformation agenda that he had been pursuing, Addressing the nation on Sunday, May 28, he said “It was a painful decision for me to take, because going to the IMF was not part of the economic transformation agenda I had been pursuing, especially as my government had gone the extra mile to bring to a successful end the IMF programme we inherited from the previous government.” He further…
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This Is Renewed Investor Confidence In Ghana – Govt Reacts To US Govt’s $300M Fund To Build Data Centre In Accra
22 May

This Is Renewed Investor Confidence In Ghana – Govt Reacts To US Govt’s $300M Fund To Build Data Centre In Accra

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The Ministry of Finance has attributed the announcement of $300 million in funding for African countries including Ghana by the U.S. International Development Finance Corporation (DFC) to renewed investor confidence in the economy due to the $ 3 billion bailout approved by the International Monetary Fund (IMF). The Corporation announced that it is using its $300 million loan facility to Africa Data Centers (ADCs), Africa’s largest network of interconnected data facilities, to construct a first-of-its-kind data centre in Ghana. The Office of the Finance Minister tweeted “Following the #IMFDeal, the @UnitedStates  has led the way to signal renewed confidence in Ghana as an attractive investment…
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MPC To Hold 112th Press Conference Today; $3Bn IMF Bailout To Feature Strongly
22 May

MPC To Hold 112th Press Conference Today; $3Bn IMF Bailout To Feature Strongly

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The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) will be holding its 112th Press conference today Monday, May 22. This will be the first MPC press conference after the approval of the $3billion external credit facility for  Ghana by the International Monetary Fund (IMF). Issues about the bailout are expected to feature strongly in the address to be delivered by the Governor of the Bank of Ghana Dr Ernest Addison. https://twitter.com/thebankofghana/status/1660382782504271872 The Ministry of Finance confirmed that the first tranche of $600million of the $ 3 billion bailout has been received by the Bank of Ghana (BoG). The cash, according to the…
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We’re Committed To Helping Ghana Resolve Current Economic Crisis – China Assures
28 Mar

We’re Committed To Helping Ghana Resolve Current Economic Crisis – China Assures

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The Chinese government has given a strong indication that it is willing to help Ghana secure the balance of payments bailout from the International Monetary Fund (IMF). According to the Chinese government, it has an obligation to ensure the Ghanaian economy does not collapse. This is according to the Chinese Finance Minister Mr Liu Kun. Mr Kun explained that this is due to the confidence they have in the long-term economic prospects of Ghana. “We know that these are short-term challenges which we as responsible creditors remain committed to resolving. The long-standing and prosperous relationship between Ghana and China imposes…
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We’ve Had Positive Talks With China Over $1.7Bn Debt – Finance Minister
24 Mar

We’ve Had Positive Talks With China Over $1.7Bn Debt – Finance Minister

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Finance Minister, Ken Ofori-Atta says discussions with the Chinese government on the country’s debt restructuring programme have been positive. According to him, Ghana will soon secure external assurances from China. Mr Ofori-Atta in a tweet on Friday, March 24, also expressed optimism about the government passing the three new tax bills in Parliament. He added that the government is making significant progress on securing a deal with the International Monetary Fund (IMF). https://twitter.com/oofmghana/status/1639177019937423361?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1639177019937423361%7Ctwgr%5E5c24ef4c0062adb344d2974be781e37d59412088%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.myjoyonline.com%2Fweve-had-positive-talks-with-china-over-1-7bn-debt-finance-minister%2F “So far had very positive and encouraging meetings in China! Looking forward to securing external assurances very soon, even as we pass our outstanding domestic revenue bills…
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‘No Luxury Cars, No 5-Star Hotel Stay’: Pakistan Ministers To Forgo Pay, Perks For IMF Bailout
23 Feb

‘No Luxury Cars, No 5-Star Hotel Stay’: Pakistan Ministers To Forgo Pay, Perks For IMF Bailout

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Pakistani ministers can no longer fly business class or stay in five-star hotels abroad. And the government thanks them for taking salary cuts. The South Asian nation fighting to stay solvent and avoid a debt default has unveiled $764 million of cost-cutting measures needed to help revive a $6.5 billion of International Monetary Fund bailout. The government will follow up with further austerity measures in the next budget in July, Prime Minister Shehbaz Sharif said Wednesday. “This is need of the hour,” he said after a cabinet meeting in Islamabad. “We have to show what the time demands from us and…
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