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    Deadline for debt exchange program moved to February 7 with new terms

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    Policy Rate increased by 100 basis points; now at 28%

    Africa loses $88bn annually through illicit financial flows – Akufo-Addo

    AMA to roll out digital revenue collection system in March 2023

    We will not layoff Vodafone staff – Telecel

    Petrol to sell for GHS15 in February – IES

    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

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    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

    Government and Association of Banks reach agreement on DDEP

    DDE: Banks secure 5% coupon for 2023; other revisions

    Cocoa bill payment; BoG, COCOBOD others agree to roll over maturing investments

    AfriCatalyst to host conference on use of Special Drawing Rights to accelerate economic transformation

    Banks seek shorter maturities in local debt-swap deal

    Zenith Bank ceases trustee services in unit trust schemes in Ghana

    Gold for oil policy will reduce pressure on forex – Bawumia

    Ghana best place for business – Nana Addo woos UAE investors

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    MTN to fight $773m tax bill from government

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    Africans urged to bolster adoption of Bitcoins

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Meta considered building a Twitter competitor to capitalize on Elon Musk’s ‘crisis’ at company

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    Nigeria’s national debt hits an all time as the country struggles with repayment

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Nigeria set to stop importation of refined oil and refine its own oil by 2023

    EIU analysts forecast grim economic outlook for Africa in 2023

    AUDA-NEPAD holds workshop for Youth and Media on AU Year of Nutrition

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IMF decides Ghana’s fate under ECF tomorrow

bycitibusinessnews
September 27, 2016
in Banking And Finance, Government, Local Economy, News, Top Stories
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CitiBusinessNews.com can confirm the board of the International Monetary Fund (IMF) will meet tomorrow, September 28, 2016 to finalize on whether or not to approve the third tranche of funding for Ghana under the Extended Credit Facility (ECF) Programme.

A Deputy Minister of Finance Mona Quartey who confirmed this to CitiBusinessNews.com said, Ghana last week provided in full the data requested to enable the IMF board meet and make a decision on the country’s ECF programme.

Speaking to Citi Business News Mona Quartey said she was optimistic the Fund will approve the next tranche of 114.6 million dollars for Ghana.

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“We are optimistic that the board will approve the next tranche of the facility for Ghana. The board is meeting on the 28th of this month and shortly after the approval should come. The data has been gathered and was delivered last week, what we are waiting for is for the management of the IMF board to discuss and approve the next tranche of the credit facility”.  Mona Quartey stated.

Government a forth night ago disclosed it was working to present data on the country’s energy sector to the IMF which should lead to the release of the third tranche of the bailout funds.

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.

IMF programme with Ghana

On Friday, 3rd April, 2015, the Executive Board of the International Monetary Fund (IMF) approved a 3-year Extended Credit Facility (ECF) Program for Ghana.

A total amount of US$918 million is to be given to Ghana as balance of payments support over the 3-year period.

The total amount will be disbursed in eight equal tranches. The first disbursement was made immediately after the Executive Board approval of the program.

Government is currently waiting the third tranche after an IMF team visited Ghana to undertake an assessment.

–

By: Norvan Acquah – Hayford/citibusinessnews.com/Ghana

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