imf Archives - Page 20 of 28

05 Jan

IMF Engages International Creditors On Cancellation Of Ghana’s Debt

wontumionlineBusinessimf, Kristalina Georgieva

The Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, has disclosed that the Fund is engaging some international creditors for a possible cancelation of Ghana’s debts. According to her, the move is targeted at debt cancellation for countries with distress debt challenges. She stated that the countries include Chad, Ethiopia, Zambia, Ghana, Lebanon, and Sri Lanka. “It is very important for their people that we find the resolution to the debt problem, but the risk of contagion is not as high,” she said on American news channel CBS. Ms. Georgieva explained that current global condition makes it difficult…

05 Jan

Ghana To Request Debt Relief Via G20 Common Framework

wontumionlineBusinessG20 Common Framework, Ghana, imf, world bank

Ghana is set to request a debt relief via the G20 Common Framework programme, despite only poor nations eligible for it. According to Reuters, the country has sought reassurances that the negotiations can be expedited before proceeding. It said Ghana had reached out to the Paris Club of creditor countries in December 2022 to ask for assurances that the Common Framework process, set up by the Group of 20 leading economies in 2020 in response to COVID-19, could be expedited. If the assurances are favourable, the government would quickly sign onto the Common Framework, Reuters source revealed on condition of…

04 Jan

Government To Raise ¢1.49bn In T-bills This Week

wontumionlineBusiness182-day, 364-day, 91-day, imf, maturities, T-Bills

Government is expected to raise ¢1.49 billion this week to refinance the upcoming Treasury bills maturities of ¢1.37 billion. This follows a narrow miss of its target last week. The government raised ¢1.81 billion last week against a target of ¢1.87 billion, about 96.81% of the auction target. The uptake, however, exceeded the refinancing obligation. The T-bill curve continued to flatten as the yield on the 182-day was 35.98%, while interest on the 364-day stood at 35.89%. The 91-day bill, however, cleared at 35.36%. Analysts expect T-bill yields to decline as an expected IMF support-programme in the first quarter of…

04 Jan

Third Of World In Recession This Year, IMF Head Warns

wontumionlineBusinessimf, Kristalina Georgieva, Recession

A third of the global economy will be in recession this year, the head of the International Monetary Fund (IMF) has warned. Kristalina Georgieva said 2023 will be “tougher” than last year as the US, EU and China see their economies slow. It comes as the war in Ukraine, rising prices, higher interest rates and the spread of Covid in China weigh on the global economy. In October the IMF cut its global economic growth outlook for 2023. “We expect one third of the world economy to be in recession,” Ms Georgieva said on the CBS news programme Face the…

20 Dec

IMF Board Approval For Ghana Programme Scheduled For January 2023 – Redd Intelligence

wontumionlineBusinessdebt restructuring, Eurobond holders, imf, REDD Intelligence

The approval of a programme for Ghana by the Board of the International Monetary Fund is expected to come off at the earliest in January 2023, Singapore-based Redd Intelligence has stated. However, it says, in the worst case scenario, the IMF Board approval will happen latest in March 2023. In its latest analysis on Ghana’s debt restructuring, the market and research firm said “the SLA [Staff-Level Agreement] is in good shape and the end-December target looks realistic. IMF board approval of the program is not expected until January [2023] at the earliest, after which the DSA [Debt Sustainability Analysis] parameters will become…

16 Dec

Foreign Companies Urged To Retain Profit To Sustain Current Cedi Performance

wontumionlineBusinessimf, Paul Apraku Twum Barimah, Profit

The Member of Parliament for Dormaa East, Paul Apraku Twum Barimah, has appealed to multinational companies in the country to retain their profit in the country to help sustain the recent performance of the cedi. Speaking in an interview with the media after the joint press conference between the Ministry of Finance and the visiting team from the International Monetary Fund(IMF), Mr. Twum Barimah said most of the multinational firms operating in the country are fond of remitting all their profits, a move that deprives the state of adequate funds to run the economy. “As we try to convince government…

15 Dec

IMF Deal Will Pave The Way For More Investors In The Country-Manasseh Atta Boahen

wontumionlineFeatured, News, Trendingimf, Manasseh Atta Boahen, Movement In The Morning

Government spokesperson on governance, Manasseh Atta Boahen, has revealed that the long awaited IMF deal is going to pave way for more investors into the country. Manasseh in an interview with Kwaku Dawuro, on Movement In The Morning, on Movement TV/Wontumi radio, noted that the inflation caused a massive fall in the number of foreign investors, so being able to strike a deal and reach an agreement with the IMF, will boost more investors into the country and stabilize the dollar. He said ''When you check the agreement with the IMF, we are only after $3billion in a space of…

14 Dec

The 4 Social Protection Programmes To Be Prioritised Under IMF

wontumionlineBusinessimf

On Tuesday, December 13, the International Monetary Fund (IMF) announced a staff-level agreement with the government of Ghana for a $3-billion extended credit facility (ECF). The agreement is set to be tabled before the Management and Executive Board of the Fund for approval. At a joint press conference on Tuesday, IMF’s Mission Chief for Ghana Stephane Roudet indicated that the Fund will need “sufficient” assurances from Ghana and her partners before the Board approves the request. IMF demands ‘sufficient’ assurances on debt restructuring before Board approves $3bn deal On his part, Minister of Finance Ken Ofori-Atta assured that measures are…

14 Dec

IMF Staff-level Agreement Doesn’t Change Our Stance – Labour On Debt Exchange

wontumionlineBusinessFinance Minister Ken Ofori-Atta, imf

The Deputy Secretary-General of Ghana Federation of Labour (GFL), Kenneth Koomson, has disclosed that signing the Staff Level Agreement (SLA) between Ghana and the International Monetary Fund (IMF) does not in any way alter their opposition on the attempt by government to disturb pension funds in its debt restructuring programme. Labour has communicated right from the beginning that they are not in support of using bonds and pension funds for the debt restructuring, hence expected their position to be respected if the government is operating within the confines of the law. The responses from the various labour unions direct to one location…

13 Dec

IMF Demands ‘Sufficient’ Assurances On Debt Restructuring Before Board Approves $3bn Deal

wontumionlineBusinessimf

The International Monetary Fund (IMF) says despite reaching a staff-level agreement with the government for a $3-billion extended credit facility, approval will be done by its Management and Executive Board. The Mission Chief for Ghana, Stéphane Roudet, says the agreement, to span three years, is also subject to the receipt of the necessary financing assurances by Ghana’s partners and creditors. Announcing the details of the agreement in Accra on Tuesday, December 13, Mr Roudet said Ghanaian authorities have committed to a wide-ranging economic reform programme post-Covid and assured of tackling deep challenges facing the economy. One of the key areas to tackle…