The International Monetary Fund (IMF) has addressed the concerns surrounding the Bank of Ghana’s (BoG) GH¢60 billion loss incurred during the 2022 fiscal year, aiming to allay anxieties by asserting that there is no need for alarm. The BoG has faced heightened scrutiny from opposition political factions and civil society organizations due to the substantial […]
Tag: IMF
IMF’s first tranche of $600m to hit BoG account today
Governor of the Bank of Ghana (BoG), Dr. Ernest Kwamina Yedu Addison, has revealed that the first tranche of $600 million from the International Monetary Fund’s $3 billion credit facility, will hit the bank’s account on Friday, May 19, 2023. Speaking at the IMF and the Finance Ministry’s joint press conference on Thursday, he said […]
$600 million IMF money drops tomorrow – BoG Governor
The first tranche of $600 million out of the $3billion IMF programme will hit the accounts of the Bank of Ghana tomorrow, May 19, 2023, the Governor of the Bank of Ghana (BoG), Dr Ernest Addison has confirmed. The Governor noted that the money would boost the country’s reserves and the Cedi which is already […]
Ghana cedi becomes world’s best-performing currency as IMF approval for bailout expected
Ghana’s currency, the cedi, has emerged as the top-performing currency against the US dollar in the past six months, bolstered by investor optimism that the country is on the verge of obtaining approval from the International Monetary Fund (IMF) for a $3 billion bailout. Since November, the cedi has gained an impressive 33%, outpacing around […]
IMF cuts Ghana’s growth to 1.6%
THE International Monetary Fund (IMF) has revised Ghana’s growth downwards in line with concerns that debt pressures and funding constraints would make it difficult for African economies to expand at full potential this year. The fund cut the country’s growth forecast to 1.6 per cent for 2023 this month, down from 2.8 per cent in […]
Ghana on course for IMF approval — Ofori-Atta
The Paris Club, a group of bilateral creditors that helps with workable solutions to payment problems faced by debtor nations, will form an Official Creditor Committee this week to look into Ghana’s request for financial assurances. The assurances, which come with debt restructuring and further strategic lending, will enable the country to present its programme […]
Help Ghana shoulder debt burden – IMF pleads
The International Monetary Fund (IMF) has doubled down on its plea to wealthier nations to support Ghana and other weaker economies to help such countries extricate themselves from the shackles of debt. The call also comes at a time when the fund has seen a $1. 6 billion shortfall in its funding in the face […]
China pledges support for Ghana’s debt treatment
Chinese authorities have expressed their commitment to support Ghana to resolve the current short-term liquidity challenges. China will also continue to support Ghana’s medium and long-term developmental aspirations. “China believes in promoting debt sustainability and sustainable development,” the Chinese Minister of Finance, Liu Kun, said. He gave the assurance when the Minister of Finance, Ken […]
DDEP: Leave our pensioners alone – Bagbin tells Finance Minister
The Speaker of Parliament has asked the Finance Minister, Ken Ofori-Atta, not to touch monies belonging to pensioners. Alban Bagbin said the current economic crisis can be solved without the funds of the pensioner. Wrapping up on the business of the House on Thursday, February 16, the former Nadowli Kaleo MP said Parliament will resist […]
DDEP: Gov’t secures 80% targetDDEP: Gov’t secures 80% target
The government has secured more than 80 per cent of targeted participation in the Domestic Debt Exchange Programme (DDEP), a source familiar with the process hastold the Daily Graphic. According to the source, the Central Securities Depository was conducting the final reconciliation of the numbers to ensure that there was no double counting. The deadline […]
IMF deal will conclude in March – President Akufo-Addo
Ghana is optimistic of concluding the ongoing negotiations with the International Monetary Fund (IMF) to get the support of the fund by March. This is because the issues surrounding the domestic debt exchange programme, one of the requirements, has been “virtually concluded”, paving the way for the country to go the full hog. President Nana […]
It will be suicidal to touch T-bills under debt exchange programme – Ofori-Atta
Finance Minister, Ken Ofori-Atta has assured that government will not touch Treasury Bills (T-bills) under the Domestic Debt Exchange Programme. According to him, it will be suicidal for government’s own finances and fundraising programmes in the future to touch T-bills as part of the programme. Mr. Ofori-Atta noted that government has conducted a Debt Sustainability […]