IMF Programme

Ghana On Track With IMF Programme, Seems To Be Returning To Financial Sustainability – Prof. Peprah

Ghana On Track With IMF Programme, Seems To Be Returning To Financial Sustainability – Prof. Peprah

Ghana’s expected agreement with its external creditors in the coming weeks shows the country is on track with the International Monetary Fund programme, Associate Professor of Finance at Andrews University, Williams Peprah, has stated. According to him, Ghana seems to be returning to financial sustainability. UK-based Economist Intelligence Unit in its recent report indicated that Ghana had advanced with its negotiation for external debt restructuring. Speaking to Joy Business, Professor Peprah said Ghana should convince China to restructure all of the about $5 billion plus of its loans. “It will be glad to see China also accepting a deal [debt…
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3-Year IMF Deal Not Enough – Finance Expert

3-Year IMF Deal Not Enough – Finance Expert

Associate Professor of Finance at Andrews University, Michigan, USA, Prof. Williams Kwasi Peprah, says Ghana’s thirty-six month extended credit facility deal with the International Monetary Fund (IMF) is not enough to make any significant economic impact. He says the conditionality and policy demands from the IMF to mitigate Ghana’s fiscal and debt vulnerabilities are drastic and demand a long-term approach. According to him, a five-to-seven-year fiscal program is viable for an effective financial turnaround. Prof. Williams Kwasi Peprah of the Andrews University School of Business Administration was speaking at a public lecture on the IMF Bailout at the Christian Service…
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Growing List Of Companies Ordered By GRA To Pay Back-Taxes

Growing List Of Companies Ordered By GRA To Pay Back-Taxes

The Ghana Revenue Authority (GRA) is asking some of the nation’s largest companies to pay millions of dollars in back taxes as the cash-strapped government scrambles to raise money and finalise a bailout from the International Monetary Fund (IMF). Gold Fields Ltd. and Kosmos Energy Ltd. have been told they owe back taxes, as have Tullow Oil Plc and Africa’s largest wireless carrier MTN Group Ltd. All of the companies dispute the government’s claims. Government has been forced to allocate most of its revenue to service an estimated 576 billion cedis ($48 billion) of public debt. “Ghana is clearly facing fiscal and economic challenges at the…
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DDEP Non-participants Won’t Be Penalised – Ofori-Atta To Individual Bondholders

DDEP Non-participants Won’t Be Penalised – Ofori-Atta To Individual Bondholders

Ghana’s balance of payments further deteriorated to a deficit of $3.64 billion in December from a $3.4 billion deficit the previous quarter, central bank data showed on Saturday. The West African nation is facing an economic crisis that saw consumer inflation rise to 54.1% last month. The cedi currency has depreciated around 50% annually, and interest payments on government debt have swelled to between 70% and 100% of GDP. Recent balance of payments woes have been largely driven by a sharp reversal in capital flows, with Ghana’s capital account deficit having worsened to $2.18 billion in December from $1.64 billion in September.…
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