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UK Backs Ghana On Adhering To IMF Conditions
01 Feb

UK Backs Ghana On Adhering To IMF Conditions

wontumionlineBusiness
The UK Minister of State for Development and Africa, Andrew Mitchell, has affirmed the support of his country for Ghana to stick to the conditions of the IMF programme this year. “We know it has not been easy, that is why we are backing you to stick to the conditions of the IMF programme this year, so you can continue to alleviate the economic pressures Ghanaians face,” he said. Mr Mitchell also expressed delight that the IMF Board had approved the first review and second disbursement for Ghana. “When I came here just over a year ago in December, it…
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Global Growth Projected At 3.1%, 3.2% In 2024, 2025 – IMF
30 Jan

Global Growth Projected At 3.1%, 3.2% In 2024, 2025 – IMF

wontumionlineBusiness,
Global growth is projected at 3.1% in 2024 and 3.2% in 2025, the January 2024 World Economic Outlook Update by the International Monetary Fund has revealed. The 2024 forecast of 0.2 percentage points is higher than that in the October 2023 World Economic Outlook (WEO) on account of greater-than-expected resilience in the United States and several large emerging market and developing economies, as well as fiscal support in China. The forecast for 2024–25 is, however, below the historical (2000–19) average of 3.8%, with elevated central bank policy rates to fight inflation, a withdrawal of fiscal support amid high debt weighing…
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BoG Approves Recapitalisation Plans Of Undercapitalised Banks – IMF
29 Jan

BoG Approves Recapitalisation Plans Of Undercapitalised Banks – IMF

wontumionlineBusiness,
The Bank of Ghana has approved the recapitalisation plans submitted by undercapitalised banks, the Staff Report by the International Monetary Fund dubbed “2023 Article IV Consultation” has stated. Undercapitalised banks will at a minimum inject one-third of the capital required annually for each of the three years ending in 2025 to reach a 13.0% Capital Adequacy Ratio without regulatory forbearance. So far, most banks have submitted their recapitalisation plans. “The BoG [Bank of Ghana] will initiate corrective measures by end-March 2024 against banks that fail to uphold these recapitalisation requirements (new structural benchmark). In the short term, the BoG [Bank…
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IMF Deal: Second Tranche Of $600M Hits BOG’s Account
24 Jan

IMF Deal: Second Tranche Of $600M Hits BOG’s Account

wontumionlineBusiness
The second tranche of International Monetary Fund (IMF cash has hit the Bank of Ghana’s (BoG) account on Tuesday, January 23, 2024. The IMF Mission Chief for Ghana, Stephane Roudet at the Joint Press Conference between the IMF, Ministry of Finance and Bank of Ghana last Friday disclosed that the $600 million will be disbursed to the accounts of the BoG “in a matter of hours”. However, Joy Business is learning that the money hit the BoG’s account today January 23. Why the disbursement? The IMF Executive Board last Friday, January 19, 2024, approved the transfer of some $600 million to Ghana.…
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Cedi Loses 2.2% In Value To Dollar Since January 2024; One Dollar Going For GH¢12.43
23 Jan

Cedi Loses 2.2% In Value To Dollar Since January 2024; One Dollar Going For GH¢12.43

wontumionlineBusiness,
The Ghana cedi has lost 2.2% in value to the dollar since January 2024. This is despite the existence of the International Monetary Fund (IMF) programme which the Board approved the first review programme last Friday, January 19, 2023. Last week, the local currency ceded its ground to the major trading currencies due to a stronger US dollar irrespective of some foreign exchange liquidity injection. The US dollar index closed 100 basis points stronger to 103.24 after the release of robust US Economic data, suggesting that the Fed will be slow in cutting policy rates. The Bank of Ghana’s $11.6…
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The IMF Board Approval — There Is More Work To Do
23 Jan

The IMF Board Approval — There Is More Work To Do

wontumionlineBusiness
There was a bit of good news and reason to celebrate the IMF Executive Board’s approval of the first review of the country’s extended facility agreement - thus paving the way for the country to draw down on another US$600 million budgetary support from the Bretton Wood institution. Good news because it has been long in coming and also the country needed the US$ 600 million badly to support the budget. Any delay beyond this point could have had some impact on the fragile economy. As we celebrate, however, there is also the outstanding last leg of the country’s external…
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IMF Approves Second Tranche Of $600 Million For Ghana As Economic Support
20 Jan

IMF Approves Second Tranche Of $600 Million For Ghana As Economic Support

wontumionlineNews
The International Monetary Fund (IMF) has granted its approval for Ghana to receive an additional $600 million in the second tranche of a $3 billion, 36-month Extended Credit Facility (ECF) Arrangement. The announcement, made in a statement on Friday, January 19, 2024, signifies the successful completion of the First review, enabling an immediate disbursement of SDR 451.4 million (approximately US$600 million). With this approval, Ghana has surpassed its first review milestone under the IMF program, having received the initial tranche in May of the previous year. “The Executive Board of the International Monetary Fund (IMF) completed today the First review…
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Successful IMF Board Meeting Will Lead To Disbursement Of Second Tranche To Ghana – John Kumah
19 Jan

Successful IMF Board Meeting Will Lead To Disbursement Of Second Tranche To Ghana – John Kumah

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Deputy Finance Minister Dr. John Kumah asserts that Ghana's economy has successfully overcome recent challenges, positioning itself for sustainable growth to benefit Ghanaians. In a Facebook post dated January 19, Dr. Kumah highlighted the unanimous approval of Ghana's request for debt treatment under the G-20 Common Framework. This, he believes, forms the foundation for his positive outlook on the nation's economic trajectory. Expressing gratitude, Dr. Kumah commended the people of Ghana for their unwavering support of the government's measures and policies. He specifically acknowledged their role in mitigating the adverse impacts brought about by the COVID-19 outbreak and the Russia-Ukraine war. With optimism, the Ejisu…
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Ghana’s Economic Programme Beginning To Bear Fruit – IMF Boss
17 Jan

Ghana’s Economic Programme Beginning To Bear Fruit – IMF Boss

wontumionlineBusiness
The Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, has stated that Ghana’s economic policies under its programme are beginning to yield the desired outcomes. She emphasised that the policy and reform commitments outlined in Ghana’s deal with the Bretton Woods Institution are in the best interest of the Ghanaian people. In a post on X (formerly Twitter) on Tuesday, January 16, she expressed the satisfaction of the IMF board with the assurances received from Ghana’s external creditors. “Wonderful to see President Nana Addo Dankwa Akufo-Addo and Ghana’s Finance Minister, Ken Ofori-Atta at #WEF24. The policy and reform…
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IMF Board Set To Approve US$600M Loan On Friday – Sources
16 Jan

IMF Board Set To Approve US$600M Loan On Friday – Sources

wontumionlineBusiness
The International Monetary Fund (IMF) executive board is due to meet on Friday to approve a US$600million rescue loan payout to Ghana, three sources have told Reuters, after the country reached a deal to restructure US$5.4billion of official creditor debt. The board date is expected to be published in the IMF’s public calendar on Tuesday, one of the sources said. All the sources requested anonymity to speak on sensitive matters. Ghana struck a deal with its bilateral lenders, including China and France, late last week – a key step to unlocking the second tranche of IMF funding under a US$3billion bailout. Ghana’s…
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