imf

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

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

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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

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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

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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

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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

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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 Executive Board Selects Kristalina Georgieva To Serve A Second Term
15 Apr

IMF Executive Board Selects Kristalina Georgieva To Serve A Second Term

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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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Election Expenditure, Debt And Revenue Measures Dominate IMF Second Review
08 Apr

Election Expenditure, Debt And Revenue Measures Dominate IMF Second Review

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Ghana’s second programme review with the International Monetary Fund (IMF) has entered its second week, with issues concerning tax efficiency and the avoidance of fiscal slippages in this election year dominating discussions. The IMF mission staff from Washington DC are currently in the country for a two-week assessment of the bailout package. The review also revolves around the disbursement of the third tranche of $360 million under the credit facility and is expected to conclude this Friday, April 12, 2024. The Fund is concerned about how the country can maintain economic stability by containing spending during the 2024 elections. It…
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Govt Expects $360 Million From IMF In June As Second Review Starts
03 Apr

Govt Expects $360 Million From IMF In June As Second Review Starts

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Minister of Finance, Dr. Mohammed Amin Adam, has announced that the government anticipates receiving the third tranche of US$360 million from its International Monetary Fund (IMF) programme by June this year. During the inaugural Monthly Economic Update series initiated by the Ministry of Finance, Dr. Amin Adam expressed confidence in Ghana's ability to pass the ongoing IMF mission's second review, which commenced on April 2. He expects this assessment to lead to board approval by June, facilitating the release of the funds. Following the approval of Ghana’s programme by the IMF board in May 2023, the first tranche of US$600 million was…
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IMF Staff Arrive In Ghana For Second Review, Third Tranche Talks
02 Apr

IMF Staff Arrive In Ghana For Second Review, Third Tranche Talks

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Ghana is set to undergo its second review of the three-year, $3 billion IMF-supported post-COVID-19 Programme for Economic Growth (PC-PEG). Commencing today, Tuesday, April 2, 2024, this review comes on the heels of the successful completion of the first review earlier in January. Over the weekend, the mission staff from the IMF arrived in the country to commence the assessment of Ghana’s performance against the program’s objectives. This evaluation will span the next two weeks. During this period, Ghana’s adherence to the prescribed programme objectives will be scrutinized closely, with a focus on areas such as economic recovery, fiscal management,…
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