IMF

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

Wontumi1Business
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

Wontumi1Business
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

Wontumi1Business, ,
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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Ghana Nears IMF Approval For $360 Million Tranche In Economic Support
21 May

Ghana Nears IMF Approval For $360 Million Tranche In Economic Support

Wontumi1Business
Ghana is on the verge of securing board approval from the International Monetary Fund (IMF) for the third tranche of $360 million from its $3 billion extended credit facility. This development follows the country's successful implementation of the support programme aimed at stabilizing the economy and fostering sustainable growth, which has shown better-than-expected results. To date, Ghana has received $1.2 billion in IMF funding, which has been pivotal in aiding fiscal consolidation, bolstering foreign exchange reserves, and supporting general economic recovery. The IMF has noted that Ghana is meeting the necessary economic and policy benchmarks, bringing the country closer to the next…
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The Worst Is Over For Ghana’s Economy – IMF Mission Chief
22 Apr

The Worst Is Over For Ghana’s Economy – IMF Mission Chief

Wontumi1Business,
The International Monetary Fund (IMF) Mission Chief for Ghana, Stéphane Roudet, has indicated that Ghana’s economy has seen its worst level and it’s now set for full recovery. However, he said this projection is based on the “government continuing to implement the IMF programme the way it has been done over the past year, then we can say that we have now seen the worst for Ghana ‘s economy.” The IMF Mission Chief was responding to a question posed by JOYBUSINESS in Washington DC USA on concerns that there could be some blips and shocks to the economy, due to the current…
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IMF Projects 4.4% Growth Rate For Ghana In 2025
17 Apr

IMF Projects 4.4% Growth Rate For Ghana In 2025

Wontumi1Business,
IMF is projecting a growth rate of 4.4 per cent for Ghana by the end of 2025. This was captured in the IMF’s Global Economic Outlook released on the sidelines of the Annual World Bank/ IMF Spring Meetings in Washington DC USA, on April 16, 2024. The IMF in the report also projected that Ghana will end 2024 with a growth rate of 2.8 per cent. This is similar to what the government had forecast in the 2024 budget. However, the World Bank believes that growth will hit 2.9 per cent by the end of this year. Even though there…
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Amin Adam Lead Ghana’s Delegation To IMF/World Bank Spring Meetings In Washington
17 Apr

Amin Adam Lead Ghana’s Delegation To IMF/World Bank Spring Meetings In Washington

Wontumi1Business,
The Minister for Finance, Dr Mohammed Amin Adam, is leading Ghana’s delegation to the IMF/World Bank Spring Meetings taking place in Washington DC. The delegation which is made up of officials from the Finance Ministry and the Central Bank include, Hon Abena Osei Asare, Minister of State at the Finance Ministry, Hon Fatimatu Abubakar, Minister-Designate for Information and Dr Ernest Addison, Governor of the Bank of Ghana and Dr Maxwell Opoku-Afari, First Deputy Governor of Bank of Ghana. While in Washington, the delegation will among others meet with Kristalina Georgieva, IMF Managing Director and Ajay Banga, World Bank President. The…
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IMF Projects Ghana’s Growth At 4.4% By 2025, Surpassing World Bank’s Estimates
17 Apr

IMF Projects Ghana’s Growth At 4.4% By 2025, Surpassing World Bank’s Estimates

Wontumi1Business
The International Monetary Fund (IMF) has predicted a growth rate of 4.4 percent for Ghana by the end of 2025, as revealed in its Global Economic Outlook released during the Annual World Bank/IMF Spring Meetings in Washington DC, USA, on April 16, 2024. The IMF's report also predicts Ghana to achieve a growth rate of 2.8 percent by the end of 2024, in line with the government's forecast outlined in the 2024 budget. Conversely, the World Bank anticipates growth to reach 2.9 percent by the close of the year. While no official explanation has been provided for these projections, sources close to…
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IMF is satisfied with our progress – CEO, Public Sector Reforms
16 Apr

IMF is satisfied with our progress – CEO, Public Sector Reforms

Evans ManassehNews, , ,
The Chief Executive Officer of Public Sector Reforms, Thomas Kusi Boafo says, the International Monetary Fund (IMF) is satisfied with the nation’s progress regarding the financial bailout. This comes after the IMF’s positive remarks on Ghana’s economy in a statement dated 13th April, 2024. According to Mr Boafo, IMF is elated to see the various measures put in place to salvage the economic downturns. In a significant effort to address its highly indebtedness, Ghana has reached a staff level agreement of the extended credit facility with the IMF. Speaking in an interview on Kumasi based Wontumi TV, on 16th April,…
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IMF Executive Board Selects Kristalina Georgieva To Serve A Second Term
15 Apr

IMF Executive Board Selects Kristalina Georgieva To Serve A Second Term

Wontumi1Business,
The Executive Board of the International Monetary Fund (IMF) has selected Kristalina Georgieva to serve as IMF Managing Director for a second five-year term starting October 1, 2024. The board’s decision was taken by consensus. In line with the selection process it had established on March 13, 2024, the board held several discussions, including with Georgieva, the sole candidate nominated for the position, before making its decision. Following Friday’s meeting, the coordinators of the executive board, Afonso S. Bevilaqua and Abdullah F. BinZarah, made the following statement: “In taking this decision, the board commended Georgieva’s strong and agile leadership during…
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