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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

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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

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    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

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    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

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IMF to get tough over GH¢7bn expenditure gap – Economist

bycitibusinessnews
February 6, 2017
in Banking And Finance, Government, Top Stories
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Ghana risks being penalised by the IMF over the unaccounted 7 billion cedis in government’s accounts.

This is the assertion of Economist, Dr. Lord Mensah.

The caution follows the visit by a team from the IMF for a review of the deal.

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“Well, there’s a possibility that IMF will sanction our country because look at possible conditions where expenditure has been reduced and if expenditure has been reduced, it shows a sign of you hiding some of the true reflections of what is on the ground,” Dr. Lord Mensah said.

The review will be the first for the year and the first meeting the IMF will have with the new administration.

Vice President Dr. Mahamudu Bawumia recently stated that there is a 7 billion cedi gap in government expenditure accounts prepared by the outgone NDC administration.

“In preparing for the Budget we realised to our shock that expenditure amounting seven billion cedis was made by the previous government but never disclosed,”

Dr Bawumia added, “In the management of any economy, there’s nothing that can beat the integrity of your economic data because if you don’t have data you have major problems and this is why we really need to emphasise the integrity of data.”

Officials from the opposition party have since justified the apparent gap.

But Dr. Lord Mensah, who describes a review of the IMF deal as unnecessary, believes the Fund will be tough in seeking further clarity on the 7 billion cedis gap.

“Some of the financial indiscipline have been hidden so if you are to expose everything you’ll realise that the conditions they gave us might differ. That is why you were being irrational and they tried to hide information so when they come in, I think renegotiation will not be an option,” he added.

Senior Minister Yaw Osafo Maafo has stated that the new government will re- negotiate  Ghana’s deal with the International Monetary Fund (IMF).

“Now the IMF program will certainly be reviewed and there are two main reasons why the IMF program must be reviewed. I have already hinted to one of the bosses of the IMF. Now President Nana Akufo-Addo came out with a manifesto and in that manifesto, he needs fiscal space to move it”.

Yaw  Osafo Maafo added, “The current program literally squeezes all the fiscal space out and therefore from the point of view of the program of the NPP, the IMF program must be reviewed”.

–

By: Anita Arthur/citibusinessnews.com/Ghana

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