imf Archives - Page 17 of 28

07 Mar

IMF Temporarily Boosts Fund Limits To Help Members Beat Crisis

wontumionlineBusinessGeneral Resources Account, imf

The International Monetary Fund (IMF) will temporarily increase funding limits for member nations to help them overcome current economic challenges. The annual limit under the fund’s General Resources Account will be raised to 200% of quota for a period of 12 months from the current 145%, the IMF said in a statement. Access to cumulative limits was revised to 600% from 435% now. The changes will provide member countries — particularly emerging markets and developing economies facing vulnerabilities — access to funds without triggering the so-called exceptional access framework that entails tougher conditions. The measure follows its permission last month…

01 Mar

We Are Close To Securing An IMF Deal – GIPC CEO

wontumionlineBusinessGIPC, imf, Yofi Grant

The Chief Executive of the Ghana Investment Promotion Center (GIPC), Yofi Grant, is expressing optimism of Ghana reaching a deal with the International Monetary Fund in the coming months to facilitate the revival of the economy. The country is in the process of securing a key criteria for the deal by reducing significantly its debt to Gross Domestic Product to about 58% by 2026, whilst cutting the fiscal deficit to a target of abut 7% of GDP in 2023. Mr. Grant disclosed at the Ghanaian German Economic Association 2023 Economic Outlook report that the government is close to reaching an…

01 Mar

Ghana Will Secure IMF Programme But Government Not Doing Its Homework Well – IFS Senior Fellow

wontumionlineBusinessDr. Said Boakye, IFS, imf

A Senior Research Fellow at the Institute of Fiscal Studies, Dr. Said Boakye, has said that Ghana will secure an International Monetary Fund programme despite the slow pace in meeting some key criteria. He, however, maintained that the deal will take some time to be achieved. The country is undertaking a debt restructuring with its external creditors, whilst pursuing a fiscal consolidation programme. But Dr. Boakye tells Joy Business that the government is its own enemy by failing to adhere to principles of the Fund programme. “I believe that in the end, Ghana will be able to secure a deal…

24 Feb

Expect More Downgrades Until IMF Deal Is Reached – Prof. Osei-Assibey

wontumionlineBusinessAmCham Ghana, fitch, imf, Prof. Eric Osei-Assibey

A Senior Lecturer at the Department of Economics of the University of Ghana, Prof. Eric Osei-Assibey says Ghana should expect more downgrades from rating agencies until a deal is reached between government and external debt holders, as well as the International Monetary Fund (IMF). Speaking to Joy Business at the American Chamber of Commerce-Ghana 2023 Economic Outlook Report, Dr. Osei-Assibey described the recent downgrade by ratings agency, Fitch on Ghana’s Long-Term Foreign-Currency (LTFC) Issuer Default Rating to Restricted Default from ‘C’ as worrying. “This is not good but once you have this negative information coming up every now and then…

17 Feb

Don’t Only Support Us When There’s ‘Dumsor’- Chairman Wontumi To IMF

wontumionlineFeatured, News, TrendingBailout, Chairman Wontumi, imf

Ashanti regional chairman of the ruling New Patriotic Party, Bernard Antwi Boasiako, has pleaded with the International Monetary Fund (IMF), to Fastrack process for Ghana's bailout. Ghana is currently seeking for a $3M bailout from the IMF to support its economy after the lingering effect of the global crisis. Chairman Wontumi told Dasebre Agyei-Dwamena on the Midday News, on Wontumi Radio that "I'm pleading with the IMF to bear with us and support us with the bailout. I will urge the IMF Director to help Fastrack the process for us. They shouldn't only support us when we are in dumsor,…

14 Feb

Cedi Continues Rise Against Dollar; Gained 0.81% Last Week

wontumionlineBusinessBoG, CEDI, dollar, imf

The Ghana cedi continued to rise steadily against the US dollar amidst the Bank of Ghana’s tight foreign exchange intervention. Last week, the local currency gained about 2.31% in value against the American ‘greenback’, although the Central Bank reduced its support to the market. The regulator sold only $5 million on the spot market, while withholding its bi-weekly FX auctions. The cedi closed on Friday, February 10, 2023, at an indicative rate of ¢10.80 to one US dollar on the interbank market. It gained 0.81% to the dollar to close at a mid-rate of ¢12.35/US$ on the retail market. It…

10 Feb

BoG Justifies Financing Of Government’s 2022 Budget With ¢44.5Bn

wontumionlineBusinessBoG, imf, net claims

The Bank of Ghana (BoG) has justified financing of the government’s 2022 budget with about ¢44.5 billion. According to the Central Bank, its net claims on the government increased by about ¢44.5 billion at the end of December 2022. This is coming after renewed discussion in the media regarding the BoG’s financing of the budget in 2022. In a statement, the Central Bank said its financing of government was part of a crises management tool used in dealing with the difficulties of 2022. “It must be recognised that the ongoing debt operations are part of the corrective measures designed to…

07 Feb

Remarkable Progress With Ongoing IMF Programme Is Significant To Recovery Efforts; Momentum Must Be Sustained – Ofori-Atta

wontumionlineBusinessDomestic Debt Exchange Programme, imf, Ken Ofori Atta

Finance Minister, Ken Ofori-Atta, has stated that the government has made a significant progress with the ongoing International Monetary Fund Programme (DDEP) which is significant boost to the country’s recovery efforts. According to him, the continuous progress will steer Ghana further away from the “slippery precipice” it recently faced. Addressing the nation on the Domestic Debt Exchange Programme vis-à-vis the IMF programme, the Finance Minister said the momentum must be sustained. “Our remarkable progress with the ongoing International Monetary Fund Programme is a significant boost to our recovery efforts. Continuous progress will steer us further away from the slippery precipice…

06 Feb

Ghana To Securitise $3.3bn In Central Bank Loans

wontumionlineBusinessBoG, Ghana, imf, loans, securitise

Ghana plans to convert an estimated ¢40 billion ($3.3 billion) of loans owed to its central bank into bonds, making it the single biggest holder of domestic government securities and exposing it to an ongoing debt restructuring, according to people familiar with the matter. The bonds, due to be issued by the finance ministry, will also cover interest owed to the Bank of Ghana, said the people, who asked not to be named because they’re not authorized to speak publicly on the matter. The people didn’t provide details on a timeline for the securitisation, but Ghana is seeking to conclude…

06 Feb

Fitch Reiterates Position Cedi Will Record Strong Performance In 2023

wontumionlineBusinessCEDI, Fitch solutions, imf, Mike Kruninger

Fitch Solutions has reiterated that the Ghana cedi will record a strong performance against the US dollar in 2023. According to the UK based firm, this will come on the back of an expected boost in the country’s reserves as a result of $3 billion from the International Monetary Fund support programme and an improvement in the current account position. The government of Ghana is optimistic of concluding its Debt Exchange Programme by the end of February 2023, Speaking at a Sub-Saharan Africa Market Update, Senior Country Analyst, Mike Kruninger, said the cedi’s performance in 2023 will be very much…