Tag: IMF Bailout
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Finance Minister Announces Successful First Review of IMF-Supported Program for Economic Growth
In a joint press conference with the International Monetary Fund (IMF), Ghana’s Minister for Finance, Hon. Ken Ofori-Atta, declared the successful conclusion of the first review of the IMF-supported post-COVID-19 program for economic growth. The program, which commenced on May 17, 2023, was approved as a 36-month IMF program under a $3 billion Extended Credit…
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Government to offset DDEP losses with $1.5 billion
The Finance Minister, Ken Ofori Atta has disclosed that the government will inject 1.5 billion dollars, into the National Stability Fund to help offset the losses incurred during the Domestic Debt Exchange Programme (DDEP). The banking sector is predicted to lose about ¢41.3 billion to the DDEP, between 2023 and 2028 which has resulted in…
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Efforts underway to secure IMF cash on Friday – Ofori-Atta
The Finance Minister, Ken Ofori-Atta has revealed that Ghana is set to receive the first tranche of the $3 billion bailout package approved by the International Monetary Fund (IMF), tomorrow, May 19, 2023. While speaking at a joint press conference between the Government of Ghana and officials of the IMF, Ofori-Atta outlined a roadmap for continued…
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Govt to conclude negotiations with IMF in February – Akufo-Addo
President Nana Addo Dankwa Akufo-Addo has hinted that Ghana will probably secure the financial bailout it is seeking from the International Monetary Fund (IMF) by the middle of February 2023. He said everything that is required of Ghana to do or submit in order to reach an agreement with the Fund has been done, and…
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$3bn IMF bailout: Ghana to receive 1st tranche by 2023 first quarter
The Finance Minister, Ken Ofori-Atta, has expressed confidence that Ghana will receive the first tranche of about $3 billion from the International Monetary Fund (IMF) by the first quarter of 2023. According to the Minister, key fiscal measures, structural reforms, and the medium-term macro-fiscal framework in the 2023 Budget are aligned with the IMF-supported Programme.…
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Government may not be able to conclude IMF deal this year – Economist
Dr. Theophilus Acheampong, an economist, doubts government will be able to conclude the deal with the International Monetary Fund before the year ends. “We have done our own Debt Sustainability Analysis as part of the budget cycle. When the IMF comes to town, they also do theirs, and then both sides sit to agree on…
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IMF to deploy another mission to Ghana in coming weeks
The International Monetary Fund is set to deploy another mission to Ghana in the coming weeks as the country races against time to tie down a bailout programme. In July, a staff mission visited Ghana for initial discussions after the Akufo-Addo administration announced its intentions to head back to the IMF for a bailout. Ghana…
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Ghana’s worsening debt situation forced gov’t to IMF – Bawumia
Vice President, Dr. Mahamudu Bawumia has explained why the government is seeking financial assistance from the International Monetary Fund (IMF) despite earlier claims that the economy was buoyant. Speaking at the launch of two new high-level information technology programmes at Accra Business School at Baatson in Accra, Dr. Bawumia explained that apart from the Covid-19…
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IMF programme won’t affect free SHS, other flagship programmes – Gov’t
The Ministry of Finance says government flagship programmes like the free SHS policy, Agenda 111 among others, will not be scrapped following government’s decision to seek an IMF bailout. The Ministry says government will ensure that pro-poor policies are not affected by the IMF conditionalities. Government last Friday announced plans to seek help from the…
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E-Levy won’t be terminated because of IMF bailout – Gov’t assures
As government commences its in-person meetings with the delegation from the International Monetary Fund (IMF) team, led by Mission Chief for Ghana, Carlo Sdralevich, starting, Wednesday July 6, 2022, it is assuring that the controversial Electronic Transfer Levy (E-Levy) will not be terminated. According to the IMF, it stands ready to assist Ghana to restore…