No Result
View All Result
Wednesday, December 6, 2023
Citi Business News
  • Home
  • News
    • All
    • Agriculture
    • Economy
    • General
    • Government
    • Local Economy
    • Top Stories

    Ghana Airports Company (GACL) Earns Top Honor as ‘Most Profitable’ State-Owned Enterprise at PELT Awards 2022

    IMF: Ghana has fulfilled obligations, awaiting creditor action on debt restructuring

    IMF, World Bank work to accelerate debt treatment for Ghana, others under G20

    Zambia advises Ghana to have restrictive laws on debt accumulation 

    Ken Ofori-Atta, Ministry of Finance for Ghana, gives an interview during day 3 of the AfDB Annual Meetings on 13 June 2019 in Malabo, Equatorial Guinea. (Photo by Malick Silue)

    2024 budget: Government commits to more expenditure cuts, aggressive growth, jobs

    Customer Service Week: Pan-African Savings and Loans provides medical services to clients

    Former Capital Bank CEO Ato Essien jailed 15 years

    NPA sanctions seven OMCs for illicit fuel distribution

    Gold Coast Fund Management Company customers begin day 2 of protest at Finance Ministry

  • Business
    • All
    • Agribusiness
    • Banking And Finance
    • Manufacturing
    • Markets
    • Mining
    • Oil And Gas
    • Real Estate
    • Tourism
    • Transport

    Zenith Bank @ 18 – Celebrating a legacy of financial excellence

    Former Capital Bank CEO Ato Essien jailed 15 years

    IMF clarifies Ghana’s growth rate projection

    NPA sanctions seven OMCs for illicit fuel distribution

    Gold Coast Fund Management Company customers begin day 2 of protest at Finance Ministry

    IMF awaits Ghana’s agreement with bilateral creditors before releasing next tranche of $3bn bailout

    Development Bank Ghana set to diversify financial offerings by introducing equity fund alongside lending activities.

    Access Bank registers a GH¢0.30 increase in its share price as the local stock exchange witnesses no declines

    Ghana’s 3% economic growth an indication of a resilient economy – IMF Mission Chief

  • TECHNOLOGY

    Ghana loses GHS 49.5 million to cyber fraud in nine months

    Nigeria aims for $5 billion tech investment by 2027

    Genius IT Foundation achieves STEM.org accreditation

    Pharmaceutical Society charged to utilize AI to transform industry

    Apple says iPhone and iPad apps will show up on the vision OS App Store from the get-go

    China launches $41 billion fund to accelerate semiconductor industry

    Digital marketing: Event managers urged to explore growth opportunities

    Govt. urged to commit more investments to enhance AI competencies

    Stakeholders in digital ecosystem charged to do more to protect child privacy

  • INTERNATIONAL
    • All
    • Africa
    • Asia
    • Europe
    • Middle East
    • US

    A look into how business in Nigeria has fared since President Tinubu’s election

    The effect of the Israel-Gaza conflict and national census ripples across SA’s economy

    West Africa records growth despite coups and underperformance of its largest economies

    World Bank projects Africa’s economy to slow down to 2.5%

    Billion dollar opioid addiction market fuels Nigeria’s drug crisis

    Nigeria aims for $5 billion tech investment by 2027

    Punitive domestic tariffs threaten African trade

    South Africa adds Ghana to E Visa list

    Ofori-Atta commends G20 for AU’s inclusion, urges common voice

  • FEATURES
  • Videos
Citi Business News
  • Home
  • News
    • All
    • Agriculture
    • Economy
    • General
    • Government
    • Local Economy
    • Top Stories

    Ghana Airports Company (GACL) Earns Top Honor as ‘Most Profitable’ State-Owned Enterprise at PELT Awards 2022

    IMF: Ghana has fulfilled obligations, awaiting creditor action on debt restructuring

    IMF, World Bank work to accelerate debt treatment for Ghana, others under G20

    Zambia advises Ghana to have restrictive laws on debt accumulation 

    Ken Ofori-Atta, Ministry of Finance for Ghana, gives an interview during day 3 of the AfDB Annual Meetings on 13 June 2019 in Malabo, Equatorial Guinea. (Photo by Malick Silue)

    2024 budget: Government commits to more expenditure cuts, aggressive growth, jobs

    Customer Service Week: Pan-African Savings and Loans provides medical services to clients

    Former Capital Bank CEO Ato Essien jailed 15 years

    NPA sanctions seven OMCs for illicit fuel distribution

    Gold Coast Fund Management Company customers begin day 2 of protest at Finance Ministry

  • Business
    • All
    • Agribusiness
    • Banking And Finance
    • Manufacturing
    • Markets
    • Mining
    • Oil And Gas
    • Real Estate
    • Tourism
    • Transport

    Zenith Bank @ 18 – Celebrating a legacy of financial excellence

    Former Capital Bank CEO Ato Essien jailed 15 years

    IMF clarifies Ghana’s growth rate projection

    NPA sanctions seven OMCs for illicit fuel distribution

    Gold Coast Fund Management Company customers begin day 2 of protest at Finance Ministry

    IMF awaits Ghana’s agreement with bilateral creditors before releasing next tranche of $3bn bailout

    Development Bank Ghana set to diversify financial offerings by introducing equity fund alongside lending activities.

    Access Bank registers a GH¢0.30 increase in its share price as the local stock exchange witnesses no declines

    Ghana’s 3% economic growth an indication of a resilient economy – IMF Mission Chief

  • TECHNOLOGY

    Ghana loses GHS 49.5 million to cyber fraud in nine months

    Nigeria aims for $5 billion tech investment by 2027

    Genius IT Foundation achieves STEM.org accreditation

    Pharmaceutical Society charged to utilize AI to transform industry

    Apple says iPhone and iPad apps will show up on the vision OS App Store from the get-go

    China launches $41 billion fund to accelerate semiconductor industry

    Digital marketing: Event managers urged to explore growth opportunities

    Govt. urged to commit more investments to enhance AI competencies

    Stakeholders in digital ecosystem charged to do more to protect child privacy

  • INTERNATIONAL
    • All
    • Africa
    • Asia
    • Europe
    • Middle East
    • US

    A look into how business in Nigeria has fared since President Tinubu’s election

    The effect of the Israel-Gaza conflict and national census ripples across SA’s economy

    West Africa records growth despite coups and underperformance of its largest economies

    World Bank projects Africa’s economy to slow down to 2.5%

    Billion dollar opioid addiction market fuels Nigeria’s drug crisis

    Nigeria aims for $5 billion tech investment by 2027

    Punitive domestic tariffs threaten African trade

    South Africa adds Ghana to E Visa list

    Ofori-Atta commends G20 for AU’s inclusion, urges common voice

  • FEATURES
  • Videos
No Result
View All Result
Citi Business News
No Result
View All Result

Ghana -IMF deal will be finalized by first quarter of 2015- Gatsi

bycitibusinessnews
December 8, 2014
in Banking And Finance, Business, News
Share on FacebookShare on TwitterShare on Whatsapp

Economist Dr. John Gatsi says he is optimistic government will conclude discussions with the International Monetary Fund (IMF) before close of the first quarter of 2015.

This comes after Fitch Ratings Agency said Ghana and the IMF probably won’t come to an agreement on aid until April next year.

Minister of Finance Seth Terkper has already hinted that government will revise the 2015 budget after an agreement on an IMF-backed program is reached.

ADVERTISEMENT

Seth Terkper during the presentation of the 2015 Budget on November 19, said on the floor of Parliament that “we will return to this august House with an update.”

On November 20 , Ghana concluded preliminary discussions on a three-year IMF program.

An IMF mission, led by Mr. Joël Toujas-Bernaté, visited Accra from November 6 to 20, 2014, to discuss the authorities’ economic and financial program and its possible financial support by the IMF.

Economist Dr.John Gatsi speaking to Citi Business News said ,”the government of Ghana has said it is not be possible at least at the end of January to have a deal signed…it has been already explained that getting to the end of the first quarter , it is possible for the Finance Minister to review the budget”.

Dr.John Gatsi also called on the central bank to clarify reports by Fitch Ratings Agency that it has been forced to print money to finance governments budget deficit.

In a research piece on Ghana, the ratings agency said the Bank Of Ghana has been forced to print 1 billion dollars , that is 90% of the budget in the first five months .

According to Dr. Gatsi, the laws of the country only allows the Central Bank to fund 10% of the government’s budget deficit.

This is not the first time the rating agency has accused the central bank of funding the country’s budget deficit.

In June 2014, Fitch raised concerns about the Bank of Ghana printing money to help finance the government’s budget deficit.

According to the rating agency, the bank has done so to a level which is twice the bank’s full year limit.
“The Bank of Ghana’s (BOG) role in funding Ghana’s budget deficit in the first quarter illustrates the financing challenges the government faces given surging yields and a deteriorating maturity profile,” Fitch Ratings said.

It added “Printing money to finance the deficit will aggravate already high inflation (14.7% in April 2014) and contribute to further cedi weakness. The cedi has fallen 21% since the start of the year.”

But the bank of Ghana denied the reports.

 

By: Rabiu Alhassan/citifmonline.com/Ghana

 

Related Posts

Local Economy

Ghana Airports Company (GACL) Earns Top Honor as ‘Most Profitable’ State-Owned Enterprise at PELT Awards 2022

bycitibusinessnews

Ghana Airports Company Limited (GACL) has earned the prestigious title of "Most Profitable State-Owned Enterprise" for the year 2022 at...

Read more

IMF: Ghana has fulfilled obligations, awaiting creditor action on debt restructuring

IMF, World Bank work to accelerate debt treatment for Ghana, others under G20

Zambia advises Ghana to have restrictive laws on debt accumulation 

Ken Ofori-Atta, Ministry of Finance for Ghana, gives an interview during day 3 of the AfDB Annual Meetings on 13 June 2019 in Malabo, Equatorial Guinea. (Photo by Malick Silue)

2024 budget: Government commits to more expenditure cuts, aggressive growth, jobs

Zenith Bank @ 18 – Celebrating a legacy of financial excellence

Customer Service Week: Pan-African Savings and Loans provides medical services to clients

Next Post

Oil producers face 'huge liabilities'

Video on Demand: Business Weekly

ADVERTISEMENT
Citi Business News

© 2023 Citi Business News - CitiBusinessNews.com by CNR Digital.

Navigate Site

  • Home
  • News
  • Business
  • TECHNOLOGY
  • INTERNATIONAL
  • FEATURES
  • Videos

Follow Us

No Result
View All Result
  • Home
  • News
  • Business
  • TECHNOLOGY
  • INTERNATIONAL
  • FEATURES
  • Videos

© 2023 Citi Business News - CitiBusinessNews.com by CNR Digital.