imf Archives - Page 6 of 28

19 Jan

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

wontumionlineBusinessimf, John Kumah

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…

17 Jan

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

wontumionlineBusinessimf

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…

16 Jan

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

wontumionlineBusinessimf

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…

12 Jan

Ghana Gets Debt-Relief Terms, Enough To Unlock IMF $600M

wontumionlineBusinessimf, Ken Ofori Atta

Ghana has received a draft term sheet on debt relief from its official creditors that is sufficient for the International Monetary Fund to disburse $600 million to the West African nation, Finance Minister, Ken Ofori-Atta said. The term sheet from the Paris Club Group of creditors and new ones including China comes after months of negotiations to restructure as much as $5.4 billion of bilateral debt. The IMF board is expected to meet in a week. “We are reviewing the draft term sheet,” Ofori-Atta said in an interview in the capital, Accra, declining to provide details in the draft accord.…

28 Nov

Ghana Attains All Fiscal Targets In Line With IMF Programme – BoG

wontumionlineBusinessimf

Economic Credit Facility (ECF)-supported programme, the Monetary Policy Report of the Bank of Ghana has stated. According to the report, the targets on the primary fiscal balance on a commitment basis, non-accumulation of external debt payment arrears, and newly collateralized debt by central government and public entities were all attained. Fiscal performance based on the narrow budget shows a deficit of 2.9% of Gross Domestic Product (GDP) for the period January through October 2023, against a target of 5.1% of GDP. On the domestic macroeconomic environment, the Bank of Ghana observed the broad improvements in the economy, reflecting stable exchange…

21 Nov

Cedi To Record single-digit depreciation Against Dollar In 2024 – EIU

wontumionlineBusinessCEDI, Cocoa Syndication Loan, EIU, imf

The Ghana cedi could record a single-digit depreciation against the US dollar in 2024, The Economist Intelligence Unit has disclosed in its 2024 Africa Outlook Report. According to the UK-based firm, the cedi will benefit from the International Monetray Fund Programme. It stated that only five African countries (Egypt, Sudan, Ethiopia, Angola, and Zimbabwe) will experience double-digit depreciation of their currencies in 2024. “The Central and West African countries that make up the CFA franc zone will experience currency appreciation in 2024. The currencies of most other African countries will depreciate next year, with five experiencing double-digit depreciation: Egypt, Sudan,…

14 Nov

2024 Budget Will Support IMF-Backed Post-Covid-19 Programme Of Economic Growth – Finance Ministry

wontumionlineBusinessbudget, imf

The Ministry of Finance has announced that the sector minister, Ken Ofori-Atta will present the National Budget to parliament tomorrow. This is in accordance with Article 179 of the 1992 Constitution and section 21 of the Public Financial Management Act, 2016 (Act 921). “The Minister for Finance will, on behalf of the President, lay before Parliament the Budget Statement and Economic Policy of Government of Ghana for the 2024 Financial Year, on Wednesday,15th November 2023”, a statement said. The statement explained that the Budget is crucial because it is developed to support the implementation of the International Monetary Fund (IMF)-backed…

09 Nov

IMF Board Proposes 50% Increase In Quota Allocated To Members

wontumionlineBusinessimf

The Executive Board of the International Monetary Fund (IMF) has proposed a 50% quota increase allocated to members, including Ghana, in proportion to their current quotas. This will be subject to the Board of Governors’ approval. The proposal follows the guidance from the International Monetary and Financial Committee (IMFC) at the 2023 Annual Meetings. According to the Fund, the quota increase would help safeguard global financial stability by enhancing the IMF’s permanent resources and reducing reliance on borrowed resources. The proposal envisages that once quota increases are in effect, borrowed resources comprising the Bilateral Borrowing Agreements and New Arrangements to Borrow (NAB) would be…

08 Nov

IMF Board Proposes 50% Increase In Quota Allocated To Members

wontumionlineBusinessimf, Kristalina Georgieva, quota

The Executive Board of the International Monetary Fund has proposed a 50% quota increase allocated to members, including Ghana, in proportion to their current quotas. This will be subject to the Board of Governors' approval. The proposal follows the guidance from the International Monetary and Financial Committee (IMFC) at the 2023 Annual Meetings. According to the Fund, the quota increase would help safeguard global financial stability by enhancing the IMF’s permanent resources and reducing reliance on borrowed resources. The proposal envisages that once quota increases are in effect, borrowed resources comprising the Bilateral Borrowing Agreements and New Arrangements to Borrow (NAB) would be reduced…

07 Nov

We Are Always Ready To Tame Inflation – BoG

wontumionlineBusinessBoG, imf, Inflation, WAIFEM

The Bank of Ghana has indicated its readiness to respond appropriately to tame inflation should consumer prices go up in the coming months. Speaking at the opening of a regional course organised by the West African Institute for Financial and Economic Management with support from the International Monetary Fund, Director of Research, Dr. Philip Abradu-Otoo, underscored the importance of monetary policy in managing economic fluctuations with the view of achieving price stability. According to him, the Central Bank is ready to respond appropriately should inflation rise. “Because of the current global and domestic macro-economic developments, the Monetary Policy Committee of…