imf Archives - Page 18 of 28

02 Feb

We Are Optimistic Ghana Will Secure IMF Board Approval In quarter 1, 2023 – Fitch Solutions

wontumionlineBusinessFitch solutions, Ghana, imf, IMF lending arrangement, Mike Kruninger

Fitch Solutions, has expressed optimism of a likely International Monetary Fund Board approval for a programme for Ghana in the first quarter of 2023. In its January 2023 Sub-Saharan Africa Macroeconomic Update, it said the country has made significant progress on the Domestic Debt Exchange Programme, a key condition for the $3 billion Balance of Payment support from the Fund. Senior Country Risk Analyst at Fitch Solutions based in London, Mike Kruninger said “the first thing I should say is that, the IMF Executive Board approval will happen in the coming weeks”. He, however, warned that should the approval fail…

02 Feb

We Are Optimistic Ghana Will Secure IMF Board Approval In Quarter 1, 2023 – Fitch Solutions

wontumionlineBusinessFitch solutions, Ghana, imf, Mike Kruninger, Sub-Saharan Africa Macroeconomic Update

Fitch Solutions, has expressed optimism of a likely International Monetary Fund Board approval for a programme for Ghana in the first quarter of 2023. In its January 2023 Sub-Saharan Africa Macroeconomic Update, it said the country has made significant progress on the Domestic Debt Exchange Programme, a key condition for the $3 billion Balance of Payment support from the Fund. Senior Country Risk Analyst at Fitch Solutions based in London, Mike Kruninger said “the first thing I should say is that, the IMF Executive Board approval will happen in the coming weeks”. He, however, warned that should the approval fail…

01 Feb

Ghana’s Economy To Rebound In 2024 – IMF

wontumionlineBusinessDaniel Leigh, Economy, Ghana, imf, World Economic Forum

The International Monetary Fund (IMF) is anticipating a rebound in the Ghanaian economy in 2024. This is due to expected improve economic activities, particularly in the extractive sector, which will boost growth. The Fund projected a 2.8% Gross Domestic Product for Ghana in 2023, but expects the growth rate in 2024 to be better. Answering questions from the press at the just ended World Economic Forum in Davos, Switzerland, Division Chief at the Research Department, Daniel Leigh, said growth will slow down this year, partly because of the global headwinds which will affect the Ghanaian economy. “On Ghana, we do…

01 Feb

Cedi To Remain Stable Against Dollar

wontumionlineBusinessCEDI, dollar, Domestic Debt Exchange Programme, imf

The Ghana cedi is expected to remain stable and probable improve its value against the dollar in the coming days and weeks. This is due to significant steps made by the government to achieve the Domestic Debt Exchange programme target. The completion of the programme will pave the way for the crucial International Monetary Fund Board approval of a support programme for Ghana. The Ghana cedi has in the past week exhibited stability against the US dollar after a poor performance in January 2023. It gained a marginal 0.78% value to the American greenback last week to trade at about…

30 Jan

BoG, Finance Ministry Commit To Zero-Financing Of Budget As IMF Pre-Condition

wontumionlineBusinessBoG, ICAG, imf, Osei Gyasi

The Bank of Ghana says it has reached an agreement with the Finance Ministry to commit to zero financing of this year’s budget and subsequent ones. Joy Business is learning that the proposed policy is a pre-condition for the country to secure a fund programme from the IMF. Speaking at the launch of the 60th anniversary celebrations by the Institute of Chartered Accountants Ghana (ICAG), Head of Banking Supervision at the Bank of Ghana, Osei Gyasi, said the move is also necessary to contain the country’s rising debt as well as control inflation. “Monetary financing of the government deficit which…

28 Jan

IMF Presses Ghana To Stop Borrowing From Its Central Bank

wontumionlineBusinessFinance Minister Ken Ofori-Atta, imf

The International Monetary Fund is pushing Ghana’s cash-strapped government to stop borrowing from its central bank, according to people familiar with the matter. The IMF wants the two entities to sign a commitment to zero financing, said the people who asked not to be identified because they’re not authorized to speak publicly on the matter. The accord is a condition Ghana is required to meet in order to secure final approval for a $3 billion IMF bailout, one of the people said. An IMF spokesperson didn’t immediately respond to an email seeking comment. Spokespeople for the Ghanaian finance ministry and…

24 Jan

‘Stay Put’ Despite Optimism — IMF’s Georgieva Urges Monetary Authorities

wontumionlineBusinessimf

The managing director of the International Monetary Fund (IMF) has urged the international community to stay realistic about the prospects of an economic recovery. At the World Economic Forum’s Annual Meeting in Davos and beyond, a sense of cautious optimism over the global economic future is emerging. Inflation appears to be plateauing, and moderate growth, rather than an out-and-out recession, is expected, including by economists participating at Davos. Speaking at the closing meeting of the Forum’s Annual Meeting, Global Economic Outlook: Is this the End of an Era?, Kristalina Georgieva, Managing Director of the IMF, has urged realism in the…

23 Jan

IMF Will Cause Deflation By Stabilizing The Economy- Kofi Tonto

wontumionlineFeatured, News, TrendingDebt exchange programme, imf, Inflation, Kofi Tonto

Government's spokesperson, Kofi Tonto, says intervention of the IMF will help stabilize the economy and cause a reduction of inflation in the country. Speaking in an interview with Kwaku Dawuro, on Movement In The Morning, on Movement TV/Wontumi radio, Mr Tonto briefed Ghanaians on the benefits of the Debt exchange programme initiated by the government, as well as intervention of the International Monetary Fund (IMF). He asserted that '' Inflation goes up naturally and with regards to what happened in the past year, arguably it is not a normal rate of inflation we usually encounter. By the grace of God…

18 Jan

T’di Market Circle Project Workers Laid Off Allegedly Due To IMF Demands

wontumionlineBusinessimf, Takoradi Market Circle

Over 500 workers engaged to work on the Takoradi Market Circle project and the first-ever interchange in the Western Region have been laid off. General Secretary of the Construction and Building Material Workers Union Richard Asamoah Mensah, who confirmed the news to Nhyiraba Paa Kwesi Simpson, the host of Connect FM’s Omanbapa morning show, also indicated that the development is as a result of the impending IMF deal. “The PTC interchange project is currently on hold and all 453 local workers have been asked to go home. The Market Circle project is progressing at a slow pace, 121 workers have been laid off and…

17 Jan

IMF Boss Confirms Ghana Is Seeking G20 Common Framework

wontumionlineBusinessG20 Common Framework, Ghana, imf, Kristalina Georgieva

The Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, has confirmed that Ghana has sought debt treatment under the Common Framework platform supported by the Group of 20 major economies. Reuters reported that Ghana requested on Tuesday to restructure its bilateral debt under the Common Framework platform supported by the G20, according to a source familiar with the situation. The crisis-hit nation becomes the fourth country to apply to the G20 initiative launched in 2020 and designed to streamline debt restructuring efforts in the wake of poorer countries buckling under the fallout from the COVID-19 pandemic. Ghana just became the fourth…