Author: citibusinessnews
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Ghana’s US$ 3billion IMF deal [Full document]
Large external shocks in recent years have exacerbated Ghana’s pre-existing fiscal and debt vulnerabilities, resulting in a loss of international market access, increasingly constrained domestic financing, and reliance on monetary financing of the government. Decreasing international reserves, Cedi depreciation, rising inflation and plummeting domestic investor confidence, eventually triggered an acute crisis. It is on the…
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IMF’s $600 million hits Bank of Ghana’s account
The first tranche of cash from the International Monetary Fund (IMF), meant for budget support and to help stabilize the cedi, has hit the accounts of the Central Bank today, 20th May, 2023. The cash support is the first tranche of the $3 billion bailout package approved by the International Monetary Fund, IMF. A tweet…
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Sachet and packaged water association bemoans increase in water tariff
The Association of Sachet and Packaged Water is bemoaning the recent increase in water tariff. This follows a review and approval by the Public Utilities Regulatory Commission (PURC) for water tariffs to go up for the second quarter of 2023. The tariff adjustment comes a few days after the announcement of tariff adjustment for electricity…
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GRA apprehends eight retail shops over tax default
Eight retail shops and restaurant managers have been apprehended by the domestic tax division taskforce of the Ghana Revenue Authority (GRA) for their deliberate failure to issue VAT invoices to customers. The arrests add to a total of 93 individuals currently being investigated and prosecuted. The taskforce conducted a targeted operation in East Legon and…
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IMF bailout: Bank of Ghana Act to be revised
Ghana’s International Monetary Fund (IMF) programme will among other things revise the Bank of Ghana Act in a bid to strengthen the central bank’s independence and mitigate fiscal dominance. The amendments to the BoG Act will feature a stricter limit for monetary financing, mechanisms to monitor and enforce compliance, and a clear definition of emergency…
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Ghana had pre-existing fiscal and debt vulnerabilities – IMF
The International Monetary Fund (IMF) has revealed that Ghana’s pre-existing fiscal and debt vulnerabilities were exacerbated by large external shocks in recent years resulting in a loss of international market access, increasingly constrained domestic financing, and reliance on monetary financing of the government. The fund made this known in a statement after the Executive Board…
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This is what the IMF said after approving Ghana’s $3bn bailout request
The Executive Board of the International Monetary Fund (IMF) has approved Ghana’s $3 billion bailout request, aimed at reviving the country’s crippling economy. The decision was made during the Executive Board’s meeting held on Wednesday, following Ghana’s receipt of financing assurances from the Paris Club. A statement by the IMF indicated that the “Executive Board…
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IMF $3bn Bailout: Joe Jackson urges govt to avoid reckless borrowing
The Director of Business Operations at Dalex Finance, Joe Jackson, is urging the government to refrain from excessive borrowing following the International Monetary Fund’s (IMF) $3 billion bailout for Ghana. Joe Jackson emphasized the need for the government to take a retrospective look at the activities that led to the economic crisis. He stressed that…
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‘We had no choice’ – PURC justifies 18.36% electricity hike
The Public Utilities Regulatory Commission (PURC) has justified the 18.36 percent tariff increment announced on electricity and natural gas. According to the Commission, the decision was taken after its Quarterly Tariff Review meeting for the second quarter of the year 2023. The PURC blamed the depreciation of the cedi, inflation, electricity generation mix, and the…
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Economist cites economic, social considerations in restoring collapsed banks’ licences
An associate professor with the Department of Finance at the University of Ghana Business School, Lord Mensah has welcomed the assurance given by former President John Dramani Mahama to restore licenses of some banks that were “unjustly” revoked during the government’s financial sector reforms. The clean-up initiative, overseen by Finance Minister, Ken Ofori-Atta from mid-2017…