imf – Page 22 – Wontumi Online

10 Nov

Fitch Solutions Predicts Disinflation Process For Ghana In 2023; Inflation To Average 18.7%

wontumionlineBusinessFitch solutions, imf, Inflation

International research institution, Fitch Solutions, is forecasting a disinflation process for Ghana throughout next year. This is due to an expected programme from the International Monetary Fund and the stabilisation of the cedi. It expects inflation to average about 18.7% in 2023, from over 30% in 2022. Senior Country Risk Analyst at Fitch Solutions Mike Kruiniger says these are necessary measures for economic growth. “We expect disinflation throughout 2023 as the exchange rate stabilised on an expected IMF deal. It will remain elevated at an average of 18.7%.” “As such, it will continue to exert downside pressure on household purchasing…

09 Nov

IMF Agrees $4.5 Billion Bangladesh Support Programme

wontumionlineBusinessimf

The International Monetary Fund (IMF) provisionally agreed a $4.5 billion support programme for Bangladesh on Wednesday as global inflation and the prospect of lower demand for its garment exports raised risks for its macroeconomic stability. The IMF said a "staff-level agreement" had been reached for a 42-month arrangement, including about $3.2 billion from its Extended Credit Facility (ECF) and Extended Fund Facility (EFF), plus about $1.3 billion from its new Resilience and Sustainability Facility (RSF). Bangladesh has become the third country in South Asia to reach a staff-level agreement for loans with the IMF this year after Pakistan and Sri…

09 Nov

Freedom Jacob Caesar Appeals To Kanye West To Save Ghana From IMF

wontumionlineShowbizFreedom Jacob Caesar, imf, Kanye West

American artist Kanye West has been asked to invest in African nations like Ghana by Ghanaian businessman and philanthropist Nana Kwame Bediako, often known as Nana Cheddar or Freedom Jacob Caesar. The economic crisis that Ghana and a few other African nations are experiencing has impacted the value of their currencies relative to the US dollar. The majority of African nations have turned to the International Monetary Fund (IMF) for assistance. Freedom Ceasar has urged Kanye West to invest his billions in economically struggling African nations like Ghana if Americans don’t want his money. Freedom Caesar took to his Twitter…

08 Nov

EXCLUSIVE COP27: IMF Chief Says $75/Ton Carbon Price Needed By 2030

wontumionlineBusinessimf

The price of carbon needs to average at least $75 a ton globally by the end of the decade for global climate goals to succeed, the head of the International Monetary Fund told Reuters. Speaking on the sidelines of the COP27 climate talks in the Egyptian coastal resort town of Sharm el-Sheikh, IMF Managing Director Kristalina Georgieva said the pace of change in the real economy was still "way too slow". Recent analysis by the World Bank-affiliated group suggests the sum total of global national commitments on reducing climate-damaging emissions would see them fall just 11% by mid-century. "Unless we…

07 Nov

Fitch Sees More Than 50% Chance Of Ghana Defaulting On Debt Repayment

wontumionlineBusinessfitch, imf

Rating agency, Fitch, sees more than 50% chance of Ghana defaulting on its debt repayment. According to the rating agency, the country’s sovereign credit rating may face another downgrade closer to default, if talks with the International Monetary Fund for a $3 billion package lead to debt restructuring. Does this mean a default by the country on repaying its debt will affect your investments in Government of Ghana securities such as Treasury bills and notes? Another question is, was President Akufo-Addo correct in saying that domestic debt will not face any ‘haircut’? Bloomberg is reporting that Ghana’s creditworthiness may be…

02 Nov

‘Ken Ofori Atta Must Go’ Demand: President Akufo-Addo’s Will Fulfil His Assurance-Prof Haruna Mohammed

wontumionlineFeatured, News, TrendingGhana, imf, Ken Ofori Atta, Professor Haruna Mohammed

Deputy General Secretary of the NPP, Professor Haruna Mohammed, has stated President Akufo-Addo will fulfil the assurance he gave to the Members of Parliament(MP) who wants the Finance Minister, Ken Ofori Atta out of office. He said this when he joined Kwaku Dawuro on Movement In The Morning Show on Wednesday, 2nd November,2022. Speaking he said that ''there have been bribery allegations in the conversations around the removal of Ken Ofori Atta. There is no call for alarm- the assurances President Akufo-Addo gave, he will fulfill them, and will live up to the timelines''. ''The Majority leader of Parliament did not…

02 Nov

We Will Show Presence When Invited By The Special Prosecutor- Andy Appiah-Kubi Says Over Bribery Allegations

wontumionlineFeatured, News, TrendingGhana, Hon Andy Appiah Kubi, imf, Ken Ofori Atta

The Member of Parliament (MP) for Asante Akim North Constituency, Hon. Andy Kwame Appiah-Kubi, has stated the group of MPs who are calling for the removal of Ken Ofori Atta will show when invited by the Special Prosecutor (SP) over bribery allegations. On Tuesday 25th October, 2022 80 MPs which was led by the Asante Akim North Constituency MP held a press conference to impress on the President to sack the Finance Minister, Ken Ofori Atta else they will not support government business. In a close meeting with the President, he pleaded with the MP’s to allow the finance minister concludes…

31 Oct

Interest Rates Hit 34%; Government T-bills Undersubscribed By 34%

wontumionlineBusinessBoG, imf, Interest rates, Investors, T-Bills

Interest rates on government securities shot up to 34% last Friday, October 28, 2022, but government failed to achieve its target in the latest Treasury bills auction. This may be due to investor concern about the probability of a debt restructuring by government before a programme can be secured from the International Monetary Fund (IMF). Despite the rising yield on the treasury market, investors are mindful of the current economic situation in the country. The IMF and the World Bank are yet to outdoor the nation’s debt situation, whether it is sustainable or not, but there are analyses that the…

31 Oct

We Refute Claims Government Does Not Have A Programme For Consideration By IMF – Finance Ministry

wontumionlineBusinessFinance Ministry, imf

The Ministry of Finance has dismissed allegations that negotiations with the International Monetary Fund are not going well because the Fund does not see any seriousness on the part of the government. Again, the Ministry refutes the claims that the government does not have a programme for consideration by the IMF, whilst officials of the Fund have discovered inaccuracies in the macroeconomic figures presented by the government’s Economic Management Team. “None but accurate figures have been presented to the IMF; and the Ministry has been fully transparent at all times. The Ghanaian negotiation team remains credible and highly respected, and…

28 Oct

Ofori-Atta Doesn’t Believe In IMF, Why Do You Keep Him Because Of The Negotiations? – Ayawaso North MP

wontumionlineBusinessimf, Ken Ofori Atta

Member of Parliament for Ayawaso North, Yusif Jajah has questioned the logic in the president’s plea for the Majority MPs to allow finance minister Ken Ofori-Atta to complete the negotiations with the International Monetary Fund (IMF) before his palpable dismissal. The Ayawaso North MP is of the view that it is not the best of decision to allow the Finance Minister whose incompetence has plunged the country into a dire economic situation to hang on to office because of an ongoing IMF negotiations though many have lost confidence in his competence. “Again you are saying the person started negotiation with the IMF so he…