imf Archives - Page 4 of 28

19 Mar

IMF Open To Alternatives For Ghana’s Revenue Shortfall After Suspension Of VAT On Electricity

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The International Monetary Fund (IMF) has expressed readiness to explore alternative measures to address Ghana's revenue shortfall following the suspension of the Value-Added Tax (VAT) on electricity. In response to concerns raised about the tax's impact on households and businesses, IMF Managing Director Kristalina Georgieva assured collaborative efforts with Ghanaian authorities to find a mutually beneficial solution. She emphasized the Fund's sensitivity to public sentiment surrounding the issue and its commitment to bridging the debt gap while consolidating economic gains. During a meeting with selected journalists in Ghana, Georgieva underscored the importance of strengthening the government's fiscal position while acknowledging the challenges…

19 Mar

Ghana Close To Signing MOU With Bilateral Creditors On Debt Restructuring – IMF MD

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Ghana is close to signing a Memorandum of Understanding (MoU) with bilateral creditors as part of the restructuring of debts owed to these lenders. The Managing Director of the International Monetary Fund (IMF) Kristaline Georgieva revealed that “Ghana is in a good place now because it has advanced negotiations with the bilateral creditors on restructuring of debts.” “There is very tangible progress made towards signing a Memorandum of Understanding with bilateral creditors” the Managing Director of the IMF added. Madam Georgieva was responding to a question posed by JOYBUSINESS during a roundtable engagement with some journalists in Accra during this two-day working…

18 Mar

Cement What You’ve Achieved – IMF Boss Tells Govt

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The International Monetary Fund (IMF) has urged the government to exercise fiscal prudence and implement economic reforms aimed at fostering long-term prosperity for its citizens. Managing Director of the Fund, Kristalina Georgieva emphasizes the importance of building upon the progress made thus far under the three-year, three billion-dollar extended credit facility to promote inclusive growth. “Your growth is better expected, your inflation is lower than expected, the progress in debt restructuring has been faster than expected and now the task is to cement what has been achieved and do it with the unity of this country”. During a meeting with…

18 Mar

Ghana’s Decision To Go To IMF Has Paid Off – Akufo-Addo

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President Nana Addo Dankwa Akufo-Addo has lauded his government’s decision to secure a $3 billion extended credit facility with the International Monetary Fund (IMF) in July 2022, stating that it has yielded positive results for the Ghanaian economy. Addressing the Managing Director of the IMF, Kristalina Georgieva, during her courtesy visit to the Jubilee House, he emphasized his administration’s commitment to implementing sound economic policies and staying the course with the current IMF programme. The IMF Managing Director, Kristalina Georgieva, acknowledged the rebound of confidence in the Ghanaian economy, both domestically and externally. She highlighted the surprising resilience of the…

18 Mar

We Will Build Stronger Collaboration With IMF Towards Ghana’s Economic Resilience – Amin Adam

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Finance Minister, Dr. Mohammed Amin Adam, has expressed confidence in building a stronger collaboration with the International Monetary Fund towards Ghana’s economic resilience and accelerating sustainable and inclusive growth. This he believes will ensure a more prosperous future for all Ghanaians. His comments follows the arrival of the Managing Director of the IMF, Kristalina Georgieva, in Ghana last night. In a post shared this morning on his X social media handle, @oofm, Dr Adam stated that he was looking forward to “bilateral discussions and stronger collaboration towards building Ghana’s economic resilience, and accelerating sustainable and inclusive growth, to ensure a…

18 Mar

IMF deal: Akufo-Addo Commits To Meeting Aspirations Of Ghanaians

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President Akufo-Addo says the government will be cautious to strike a fine line between meeting the aspirations of Ghanaians and staying true to the dictates of the IMF 3-year extended credit programme. He says this will be crucial as the country heads to the December 7 general election. Concerns about overspending during these elections have been a worry, especially as the economy begins to pick up. He reiterated “the need for us to try and make a balance between the rigour which we recognize as being necessary for us to be in a good place as well as making sure…

07 Mar

Debt Restructuring By Ghana, 3 Others Going On Well, Faster; But GlobalOoutlook Risks Persist – IMF Boss

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The Managing Director of the International Monetary Fund (IMF) has expressed satisfaction with the pace of debt restructuring among the four countries including Ghana. According to the Managing Director, Kristalina Georgieva, the Fund is committed to helping advance the work on addressing debt vulnerabilities through the Global Sovereign Debt Roundtable so that “we better address issues like timeliness, predictability, and comparability of treatment”. In a statement at the Conclusion of the first Meeting of the G20 Finance Ministers and Central Bank Governors, she said “On debt, as we heard from many, high debt service is a problem for a number…

26 Feb

Ghana’s Strong Policy And Reform Efforts Starting To Bear Fruits – IMF

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The International Monetary Fund has discovered that Ghana’s strong policy and reform efforts under the Fund-support programme is starting to bear fruits. According to the Fund, signs of economic stabilisation are emerging. “Growth in 2023 proved to be more resilient than initially expected, and although volatile inflation has been declining rapidly, the fiscal and external positions have improved, and exchange rate volatility has declined in the country”, Julie Kozack, Director of Communications revealed. She mentioned that the government and the Bank of Ghana are making good progress on their comprehensive debt restructuring. The domestic debt exchange was completed last year,…

15 Feb

I’ll Not Depart From IMF Programme – Amin Adam

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The Finance Minister, Dr. Mohammed Amin Adam, has reaffirmed the government’s commitment to the ongoing programme with the International Monetary Fund (IMF). He has assured that there will be no deviation from the established path. In the wake of a ministerial reshuffle, Dr. Amin Adam, assuming the role of Finance Minister, stressed continuity in collaboration with the IMF. “If you look at the budget that was presented this year, there were a number of pro-poor initiatives, and I do not intend to depart from those pro-poor initiatives,” stated Dr. Amin Adam. “And I will ensure that business follows as usual…

06 Feb

Strictly Adhere To Bailout Programme – IMF Advises Ghana

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The International Monetary Fund (IMF) is urging Ghana not to deviate from the course of its fund programme to ensure that the country reaps the full benefits of the ongoing bailout package. The Fund requires effective implementation of structural reforms following the release of the $600 million second tranche and at a time when the government is said to be considering engagements with the IMF for a consensus on the anticipated revenue shortfall over the planned suspension of the VAT on electricity. But the IMF insists that Ghana adheres to the agreed-upon austerity measures in order to manage its way…