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    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

    Value of MoMo transactions decrease by 3% between March and April 2022

    Inflation rate likely to drop to single digits in 2023 – Dr. Ernest Addison

    Monetary Policy Rate increased again by 200 basis points; now at 19%

    Government partners private companies to mine abandoned iron ore in Oti Region

    Manufacture of petroleum products push PPI to 31.2% in April

    Nigeria begins processes to join Ghana-Côte d’Ivoire Cocoa Initiative

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    Banks will continue to innovate to meet customers’ expectations – FBNBank’s MD

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    Government to invest heavily in internet safety – Ursula pledges

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    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Take control of financing on the continent – Ofori-Atta to AfDB

    We’ll avert any looming food crisis with effective planning – AfDB Boss

    Standard of cars assembled in Ghana will not be compromised – GSA assures

    GUTA urges gov’t to get other countries to open their borders to facilitate trade

    Kyle Kelhofer appointed as IFC Senior Country Manager for Benin, Ghana, Liberia, Sierra Leone, and Togo

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    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

    Old Mutual celebrates 177th anniversary globally, 10 years in Ghana

    Gov’t expenditure needs to be checked to help deal with inflation – ICAG

    Take control of financing on the continent – Ofori-Atta to AfDB

    We’ll avert any looming food crisis with effective planning – AfDB Boss

    Value of MoMo transactions decrease by 3% between March and April 2022

    Inflation rate likely to drop to single digits in 2023 – Dr. Ernest Addison

    Monetary Policy Rate increased again by 200 basis points; now at 19%

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    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

    Value of MoMo transactions decrease by 3% between March and April 2022

    Inflation rate likely to drop to single digits in 2023 – Dr. Ernest Addison

    Monetary Policy Rate increased again by 200 basis points; now at 19%

    Government partners private companies to mine abandoned iron ore in Oti Region

    Manufacture of petroleum products push PPI to 31.2% in April

    Nigeria begins processes to join Ghana-Côte d’Ivoire Cocoa Initiative

    Victor Yaw Asante, FBNBank Ghana MD

    Banks will continue to innovate to meet customers’ expectations – FBNBank’s MD

  • TECHNOLOGY

    Government to invest heavily in internet safety – Ursula pledges

    Ho Node Hub rebrands as Node Eight

    Elon Musk strikes deal to buy Twitter for $44bn

    Block chain’s success will depend on supportive policy environment – Prof. Quaynor

    1.5% E-Levy rate will negatively impact GH¢6.9 billion target – Prof. Quartey

    Transactions to be affected by E-levy

    Bethniel Finance emerges winner in Innovation Challenge Program

    Taxing of non-resident e-commerce entities in Ghana could push prices up – Technology Consultant

    BoG cautions against fraudulent money-doubling scheme ‘BitCash Currency Exchange’

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    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Take control of financing on the continent – Ofori-Atta to AfDB

    We’ll avert any looming food crisis with effective planning – AfDB Boss

    Standard of cars assembled in Ghana will not be compromised – GSA assures

    GUTA urges gov’t to get other countries to open their borders to facilitate trade

    Kyle Kelhofer appointed as IFC Senior Country Manager for Benin, Ghana, Liberia, Sierra Leone, and Togo

    Greater, more diverse participation in global trade is key to achieving Africa’s economic transformation – World Bank

    Seth Terkper advises against e-levy; urges government to run to IMF

    AfCFTA members conclude negotiations on rules of origin to enhance free trade

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IMF approves Ghana’s third review

bycitibusinessnews
September 29, 2016
in Banking And Finance, Business, Government, Local Economy, News, Top Stories
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The International Monetary Fund (IMF) board has approved Ghana’s third review under the Extended Credit Facility (ECF). The nod was given yesterday [Wednesday].

Ghana last week provided in full data requested by the Fund to enable it meet and make a decision on the country’s ECF program.

Among the data requested by the Fund was information on the country’s energy sector.

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According to the Finance Ministry, the information was necessary as the Fund considers the power sector as one of the critical factors to the progress of the bailout deal.

The passage of a number of key bills by Parliament related to financial, banking and public sector management was also undertaken some months back to facilitate the approval of the third review.

The approval of the review by the Fund will lead to the release of 114.6 million dollars to Ghana.

Reacting to the approval Finance Minister Seth Terkper, said the approval is a further confirmation of the economic turnaround story.

“The prospect ahead is even brighter with the coming on board of the utilization of the Policy Risk Guarantee to bring investments into the economy especially the oil and gas sectors.

The use of the integration of the oil and gas to the other sectors of the economy especially, fertilizer development for the agriculture sector and bitumen production for road infrastructure. Government would like to express its gratitude to all Ghanaians and especially the Parliament of Ghana for their continued support during this time”. He said.

This is the second positive review for Ghana this week alone,  Early this week rating agency Moody’s  affirmed Ghana’s ratings to B3 with a stable outlook from negative.

Despite the positive reviews the Institute of Statistical, Social and Economic Research (ISSER) also this week warned Ghana’s economy faces a recession if steps are not taken to diversify its productive sectors.

Head of the Economics Department at the University Of Ghana, Professor Peter Quartey in an interview with Citi Business News explained that, “there is the need for us to diversify our economy in the sense that non-oil GDP has grown higher than oil GDP. What it is telling us is that, given the slowdown in oil prices, over reliance on oil should be reconsidered.”

“We need to diversify our economy so we don’t enter into economic recession like Nigeria is currently facing,” he added.

–

By:  Vivian Kai Lokko/citibusinessnews.com/Ghana

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