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    Leverage crises to improve fortunes of continent – Ofosu-Dorte

    African Finance Ministers tasked to allocate more resources into education sector

    Unilever Ghana PLC remains upbeat about future growth prospects

    Citi Business Festival enters final week; forum on agribusiness comes off today

    BoG must enforce regulations on informal forex trading – Prof. Quartey

    DBG will mirror KfW’s successful banking model to benefit SMEs

    Employ targeted-subsidized systems to check macro-economic challenges – Prof. Quartey

    Inflation in Africa: Some subsidy programs prolonging situation – Jeff Gable

    Cedi Summit comes off today at Alisa Hotel

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    Leverage crises to improve fortunes of continent – Ofosu-Dorte

    Unilever Ghana PLC remains upbeat about future growth prospects

    Citi Business Festival enters final week; forum on agribusiness comes off today

    BoG must enforce regulations on informal forex trading – Prof. Quartey

    DBG will mirror KfW’s successful banking model to benefit SMEs

    Cedi Summit comes off today at Alisa Hotel

    BoG’s supply of dollars to BDCs drops from 85% to 21% within 3 months – CBOD

    Societe Generale Ghana launches new ‘boafo loan product’ assist MSMEs

    CBOD calls for a more structured supply of Forex for petroleum products

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    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    ADB pioneers in global remittance services in Ghana [ARTICLE]

    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

    Chamber of Telecommunications calls for more investment into Technology to improve livelihoods

    Citi Business Festival: Address lack of financial data challenges using MoMo – Rufai Abdul Majeed

    Citi Business Festival: Acquiring digital skills key to securing employment – Maximus Ametorgoh

    Bank of Ghana commences piloting of digital currency in Sefwi Asafo

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    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

    Modern airline tickets design with flight time and passenger name. Plane tickets vector pictogram. Airline boarding pass template. Vector illustration. The concept of air transportation

    Ticket prices to rise following B.A schedule change on Accra-London-Accra route

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Further delay in IMF cash will push interest rates up – Economist

bycitibusinessnews
September 26, 2016
in Banking And Finance, Government, Top Stories
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An Economist with the Institute of Statistical, Social and Economic Research, (ISSER), Professor Robert Darko Osei, is cautioning of a further increase in interest and inflation rates over a further delay in the release of the IMF bailout cash.

He argued that, government’s decision to borrow more to meet expenditure like wages in an election year will result in high interests rate debts.

“Of course once it is not coming in as well, if there is a funding gap, government will have to look for money and if it cannot go onto the capital market, it will resort to borrowing from the domestic economy,” he said.

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“This often results in crowding out the private sector and pushes up interest rate which has repercussion for inflation and some other macro-economic indicators,” he added.

Ghana is yet to receive the third tranche of the financial assistance from the IMF; almost three months after the mission concluded its third review.

A Deputy Finance Minister Mona Quartey has told Citi Business News government has submitted data on restructuring the country’s energy sector which should prompt the release of the bailout cash.

Speaking to Citi Business News however, Professor Robert Darko Osei maintained the high interest would also have dire consequences if unchecked.

“Though there are difficulties, policy makers will want to create a picture where private investors do not flee…but the truth of the matter is we are in a really difficult situation and we need to rethink such decisions,” he stressed.

The IMF Board is expected to meet later this month and make a decision on the report by the fund’s review committee.

Ghana, has since the signing of the agreement, received an estimated US$233.1 million out of the 918 million dollars it agreed to on April 3, 2015.

In addition, Citi Business News is learning government is to update the Fund on progress made in passing some legislations in maintaining fiscal discipline.

These include the Bank of Ghana Amended Act which placed the cap of government’s deficit financing at 5 percent; contrary to the zero budget deficit financing suggestion by the IMF.

–

By: Pius AmihereEduku/citibusinessnews.com/Ghana

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