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    Accra, GHANA: A woman holds 03 July 2007 in Accra a wad new currency, the new cedi, that Ghana put in circulation that day, although the old money will still be valid until the end of the year. Currently, the cedi is one of the least valued currencies in Africa: 9000 cedis equal one US dollar.   Ernest Addison, head of research at the Bank of Ghana, assured in November 2006 that the changeover was not a revaluation nor devaluation, and will not affect foreign exchange.  AFP PHOTO / ISSOUF SANOGO (Photo credit should read ISSOUF SANOGO/AFP/Getty Images)

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    VEPEAG, GAVEX partner to boost vegetable production, exports in Ghana

    VADUG members resist implementation of Customs Amendment Act

    Cost of credit to further go up as Bank of Ghana raises policy rate to 22%

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    MTN Ghana introduces voucher distribution denomination change to prevent price disparity

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    Accra, GHANA: A woman holds 03 July 2007 in Accra a wad new currency, the new cedi, that Ghana put in circulation that day, although the old money will still be valid until the end of the year. Currently, the cedi is one of the least valued currencies in Africa: 9000 cedis equal one US dollar.   Ernest Addison, head of research at the Bank of Ghana, assured in November 2006 that the changeover was not a revaluation nor devaluation, and will not affect foreign exchange.  AFP PHOTO / ISSOUF SANOGO (Photo credit should read ISSOUF SANOGO/AFP/Getty Images)

    Local currency crosses ¢10 to one dollar mark on retail market

    VEPEAG, GAVEX partner to boost vegetable production, exports in Ghana

    VADUG members resist implementation of Customs Amendment Act

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

    Cost of credit to further go up as Bank of Ghana raises policy rate to 22%

    PURC justifies upward review of utility tariffs

    Emergency MPC meeting: Goldman Sachs projects 200 basis points hike in policy rate

    MTN Ghana introduces voucher distribution denomination change to prevent price disparity

    BoG, UG partner to improve research in Ghana’s financial sector

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    VEPEAG, GAVEX partner to boost vegetable production, exports in Ghana

    VADUG members resist implementation of Customs Amendment Act

    Cost of credit to further go up as Bank of Ghana raises policy rate to 22%

    Emergency MPC meeting: Goldman Sachs projects 200 basis points hike in policy rate

    MTN Ghana introduces voucher distribution denomination change to prevent price disparity

    BoG, UG partner to improve research in Ghana’s financial sector

    BoG, EOCO deepen collaboration to build robust financial sector

    Cedi Depreciation: Government urged to enforce laws on pricing in dollars

    Assistant Director, Fintech and Innovation, BoG, Clarence Blay

    E-cedi will not affect MoMo business – Bank of Ghana

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    MTN Ghana introduces voucher distribution denomination change to prevent price disparity

    We’re ready to re-engage gov’t on acquisition of Vodafone shares – Telecel

    New deadline for SIM re-registration too short – MoMo agents association

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    Vodafone agrees sell stake in Ghana’s business to Telecel

    Telecoms Chamber and IIPGH advocate sustained coding education

    IIPGH to enter coding education partnership with Telecoms Chamber

    PayAngel joins Microsoft for Startups Founders Hub

    Node 8, HTU hold first edition of Node X in Ho

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

    Agribusiness entrepreneurs must take advantage of AfCFTA – ADB MD.

    Inflation, debt, and forex crisis is pushing many African economies to the brink – IMF warns

    African countries that could follow Sri Lanka into economic chaos

    Africa’s internet economy to cross $180 billion by 2025: Report

    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

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

    US Fed meets inflation surge with 75bp hike

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IMF Article 4 survey predicts positive growth for Ghana

bycitibusinessnews
April 13, 2017
in Government, Local Economy, Top Stories
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The International Monetary Fund (IMF) has projected a more promising economic prospect for Ghana’s economy for the rest of 2017.

According to the fund, the increased oil production, declining inflation, plus other economic indicators are expected to inch Ghana’s economy towards achieving an end of year growth target of about 6 percent.

“Economic prospects in 2017 are encouraging, inflation is declining and prospects are there for a significant increase in the foreign exchange position following significant foreign exchange inflows in recent weeks. The authorities’ initiatives are promising,” the Chief for an IMF visiting team to Ghana, Analisa Fedelino said.

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Madam Fedelino added, “More needs to be done to restore macroeconomic stability and confidence. Ambitious fiscal consolidation is needed to bring public debts on a clear declining path, after the sizable fiscal slippages in 2015.”

She made the remarks when her team, together with the Finance Minister, addressed the press on Thursday, April 13th, 2017.

The meeting formed part of the Article IV consultations by the Fund with the coming on board of a new government.

The engagement which is done every year is also to assess each country’s economic health and to forestall future financial problems.

Ghana’s last Article IV consultation by the IMF was carried out in 2014.

The team however cited significant challenges that still hamper the government of Ghana’s macro economic targets.

Key among them was the energy sector debts that continue to accumulate despite efforts by the government to restructure them.

“The commitment in 2016 and weaknesses in the financial positions in the State Owned Enterprises in the utility sector in particular, could undermine fiscal adjustment and add to spending in public debt,”

“The Energy Sector Levies Act (ESLA) has helped banks in restructuring but the debts of the sector continue to grow and these can eventually undermine the efforts in restructuring and require additional efforts,” the team’s Chief observed.

Meanwhile finance Minister, Ken Ofori Atta assured that efforts to increase the government’s revenue and cut down all unnecessary expenditure will avert fiscal slippages as were experienced in the last few years.

“Actions such as the one we carried out on Wednesday [April 12, 2017] to clear ghost names and changes at the GRA and Customs to ensure that we meet the revenue that we need and to ensure that the revenue that we have projected we will get them,” he stressed.

Ghana in 2015 entered into a three year extended credit facility with the IMF for 918 million dollars.

The fund has since disbursed three tranches of the facility to the country.

–

By: Pius Amihere Eduku/citibusinessnews.com/Ghana

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