imf

IMF Cuts Borrowing Costs By $1.2 Billion Annually
18 Oct

IMF Cuts Borrowing Costs By $1.2 Billion Annually

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The Executive Board of the International Monetary Fund (IMF) has reviewed the Fund’s charges and surcharge policy, resulting in a cut on the cost of borrowing. Ms Kristalina Georgieva, Managing Director of the IMF, issued a statement following the conclusion of the review, saying: “In a challenging global environment and at a time of high interest rates, our membership has reached consensus on a comprehensive package that substantially reduces the cost of borrowing while safeguarding the IMF's financial capacity to support countries in need." She said: “The approved measures will lower IMF borrowing costs for members by 36 per cent, or about…
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3rd IMF Review Scheduled For Sept. 24 … Govt Confident Of Meeting Targets
04 Sep

3rd IMF Review Scheduled For Sept. 24 … Govt Confident Of Meeting Targets

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A mission from the International Monetary Fund (IMF) will be in Ghana from September 24 to October 4 for the third review of the country’s three year programme with the fund. Advertisement This follows the successful completion of the second review which paved the way for the release of $360 million to the country. The third review will among others assess the performance of the country in relation to the performance targets agreed with the Fund under the programme. It will assess the six Quantitative Performance Criteria (QPCs), four Indicative Targets (ITs), and a number of Structural Benchmarks (SBs) due…
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IMF, World Bank Inflows Expected To Ease Yuletide Cedi Pressure
14 Aug

IMF, World Bank Inflows Expected To Ease Yuletide Cedi Pressure

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Inflows from the International Monetary Fund (IMF) and World Bank are expected to provide some respite for the cedi as the country braces for the traditional surge in demand for foreign exchange during the festive season. With the third-quarter demand season less than six weeks away, concerns have been raised over its potential impact on the local unit which has fluctuated against its major trading partners. While the cedi has shown relative stability in recent months, thanks in part to central bank intervention among others, analysts warn that the currency remains vulnerable to shocks. The upcoming elections and associated increase in government…
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BoG’s Independence Should Remain A Priority – IMF To Government
01 Aug

BoG’s Independence Should Remain A Priority – IMF To Government

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The International Monetary Fund (IMF) wants the adoption by Cabinet of the amendments to the Bank of Ghana Act to remain a priority to strengthen the Central Bank’s independence. This follows the high exposure of the Central Bank to the Government of Ghana’s financing. According to the Fund, the recapitalisation of the Bank of Ghana should follow a cautious approach that considers fiscal space available under the Economic Credit Facility programme. It however stated that the Bank of Ghana’s commitment to maintain a prudent monetary stance is welcome, but more progress is needed to address the Fund’s safeguards assessment recommendations.…
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IMF Maintains Global Growth Forecast At 3.2% For 2024
17 Jul

IMF Maintains Global Growth Forecast At 3.2% For 2024

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Global growth is projected to be in line with the April 2024 World Economic Outlook (WEO) forecast, at 3.2% in 2024 and 3.3% in 2025. According to the International Monetary Fund, global activity and world trade firmed up at the turn of the year, with trade spurred by strong exports from Asia, particularly in the technology sector. Relative to the April 2024 WEO, first quarter growth surprised on the upside in many countries, although downside surprises in Japan and the United States were notable. In the United States, after a sustained period of strong outperformance, a sharper-than-expected slowdown in growth…
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Ghana’s Economic Reforms Show Progress – IMF
12 Jul

Ghana’s Economic Reforms Show Progress – IMF

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The International Monetary Fund (IMF) has given Ghana a positive thumbs-up after approving a disbursement of around $360 million following a successful review of the country’s economic reform programme. This news comes after Ghana’s government implemented a series of measures aimed at tackling economic challenges faced in 2022. The IMF-backed programme focuses on restoring stability and reducing debt while laying the groundwork for future growth. However, the IMF cautioned that maintaining the current pace of reforms is crucial. It said upcoming elections in December could pose a risk of policy slippages, so staying committed to fiscal consolidation remains important. Positive…
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$360m Third Tranche Of IMF Cash Hits BOG’s Account
02 Jul

$360m Third Tranche Of IMF Cash Hits BOG’s Account

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Government has received US$360 million as the third tranche of Ghana’s bailout package with the International Monetary Fund (IMF). The cash meant for budget support and stabilization of the local currency, was officially credited to the Central Bank’s account today, Tuesday July 2, 2024. It follows the Executive Board’s approval of the second review last Friday, June 28, 2024. This means, Ghana has received a total of US$ 1.56 billion out of the $3 billion approved under the three-year extended credit facility. Citi News understands, the money will be used to support activities in the 2024 budget. The fourth tranche of…
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IMF Revises Ghana’s Growth Target From 2.8% To 3.1% For 2024
02 Jul

IMF Revises Ghana’s Growth Target From 2.8% To 3.1% For 2024

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The International Monetary Fund (IMF) has revised Ghana’s growth rate forecast from 2.8% to 3.1% by the end of 2024. This adjustment is attributed to the reforms Ghana is implementing under the IMF programme, which significantly supports its economic recovery. The IMF also believes that if Ghana adheres to the programme’s conditions, the recovery could be faster than previously projected. Stéphane Roudet, the IMF mission chief to Ghana, discussed this at a joint press conference with the Bank of Ghana and the Finance Ministry, following the approval of the third tranche, amounting to US$ 360 million, of the US$ 3…
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IMF Sets June 28 For Board To Consider Ghana’s Second Programme Review
18 Jun

IMF Sets June 28 For Board To Consider Ghana’s Second Programme Review

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The International Monetary Fund (IMF) has set June 28, 2024 for its Board Meeting to consider Ghana’s second programme review and possibly approve $360 million dollars for the country. This is what JOYBUSINESS has picked up from persons with knowledge of the IMF and its discussions with the official creditor committee. The Board will look at the report presented by IMF staff on the second review of Ghana’s programme. The Board is also expected to examine Ghana’s ability to meet the qualitative and the quantitative targets set under the IMF programme for Ghana after which it will approve the funds…
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Securing IMF Deal Without DDEP Would Have Been Tough – BoG
04 Jun

Securing IMF Deal Without DDEP Would Have Been Tough – BoG

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Dr. Philip Abradu-Otoo, the Director of Research at the Bank of Ghana (BoG), has clarified that securing a bailout from the International Monetary Fund (IMF) would have been challenging without the implementation of the Domestic Debt Exchange Programme (DDEP). To stabilise the economy, the government initiated the IMF programme and introduced the DDEP, which resulted in some bondholders experiencing a reduction in their investments and coupons. In 2022, the BoG reported a loss of GHS 60.9 billion due to impairments that occurred during the domestic debt exchange programme. In an interview with Bernard Avle on The Point of View on Citi TV, Dr.…
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