Tag: IMF
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IMF: Ghana has fulfilled obligations, awaiting creditor action on debt restructuring
The Director of the African Department at the International Monetary Fund (IMF), Abebe Aemro Selassie, has confirmed that Ghana has taken the required steps to secure the long-awaited financing assurance from its external creditors. He added that the IMF is patiently awaiting responses from bilateral creditors. “I have to tell you that whereas it took…
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IMF, World Bank work to accelerate debt treatment for Ghana, others under G20
The International Monetary Fund (IMF) and World Bank are working together to accelerate debt restructuring for Ghana and other countries under the Group of Twenty (G20) Common Framework. Ms Kristalina Georgieva, Managing Director, IMF said this during a plenary meeting at the 2023 IMF/WGB Annual Meetings in Marrakech. “The IMF and the World Bank are…
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IMF clarifies Ghana’s growth rate projection
The International Monetary Fund’s (IMF) Resident Representative in Ghana, Dr. Leandro Medina, has clarified that the growth rate for the country has not been revised to 1.2% from the May 2023 forecast of 1.5%. Dr. Medina explained that the latest IMF World Economic Outlook projection of 1.2% growth for 2023 is based on an old…
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IMF bailout: Quickly agree on debt relief terms – Ofori-Atta begs bilateral creditors
The Ministry of Finance has appealed to its bilateral creditors to quickly agree on the debt relief terms to help Ghana secure the second tranche of the $3 billion International Monetary Fund (IMF) bailout package. He expressed appreciation to the IMF for giving Ghana the needed support in its quest to help the economy turn…
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IMF raises concerns over the energy transition price tag
The energy transition as it is currently being pursued threatens to boost public debt significantly, the International Monetary Fund has warned in a new report. Dubbed Climate Crossroads: Fiscal Policies in a Warming World, the report says that the choice of governments to push the transition forward by using a combination of public investment and subsidies…
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IMF hopeful Ghana will soon reach agreement with Official Credit Committee
The International Monetary Fund (IMF) expects Ghana to quickly reach an agreement with the Official Credit Committee over its external debt restructuring. Julie Kozack, IMF’s Director of Communications at a press conference in Washington DC said once Ghana has finalised the debt exchange on the local front, it is important for the country to conclude…
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Ghana remains world’s largest borrower under our poverty loan facility – IMF
Ghana has still emerged as the country across the globe with the highest outstanding loan under the Poverty Reduction and Growth Trust (PRGT) at the International Monetary Fund (IMF). The Poverty Trust which is one of the funds countries can draw credit from is specifically to support the potential balance of payment problems of low-income…
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Ghana’s IMF debt ranking a bad investor signal – Lord Mensah
Finance Lecturer at the University of Ghana Business School, Professor Lord Mensah has expressed fears that Ghana’s already dwindling investor confidence will further be exacerbated as the government struggles to bring debt levels to a sustainable path. The economist’s comments come on the back of the International Monetary Fund’s (IMF) latest quarterly report which put…
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IMF mission to visit Ghana from September 25
An International Monetary Fund (IMF) staff team will be in Ghana from September 25 through the first week of October to assess the implementation of Ghana’s Economic Recovery Programme. This will be the second visit by the IMF after its board approved Ghana’s bailout on May 17 and review the targets under the $3 billion…
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IMF bailout: Ghana on track to receive second tranche – Ofori-Atta
Finance Minister Ken Ofori-Atta says Ghana is on track to receive the second tranche of the IMF bailout cash in December to support the government’s balance of payments (BOP) for 2023 and 2024. The Bank of Ghana’s June 2023 summary of the Economic and Financial Stability Report shows that the bank’s BOP at the end…