Tag: IMF
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Invest borrowed money into productive activities – Prof. Quartey to government
As the discussion around the International Monetary Fund’s (IMF) classification of Ghana as a low income developing country continues, the Head of the Institute for Statistical, Social and Economic Research (ISSER), Professor Peter Quartey has called on the government to focus on building a resilient economy that will thrive after the COVID-19 pandemic is dealt…
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Ghana not back to HIPC; ignore contrary reports – Oppong Nkrumah
The government has rejected claims that the country has been declared as a Highly Indebted Poor Country (HIPC). There have been some media reports this week suggesting Ghana has been declared a HIPC country. But speaking at the Nation Building Updates on Tuesday, October 27, 2020, Information Minister, Kojo Oppong Nkrumah, said the reports are…
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Ken Ofori-Atta completes tenure as Chair of World Bank’s Development Committee
Ghana’s Finance Minister, Ken Ofori-Atta, has successfully completed his two-year tenure as the Chairman of the Development Committee of the World Bank and IMF, after chairing his 4th DC plenary meeting. The Committee discussed a build-back strategy for the global economy in view of the unprecedented ravages brought about by the COVID-19 pandemic. The pandemic…
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IMF’s 2020 growth rate projection for Ghana lower than BoG’s expectation
The International Monetary Fund’s (IMF) latest projection for economic growth in Ghana for 2020, is lower that the growth rate expected by the Bank of Ghana. The 0.9 percent growth rate projection by the Bretton Woods Institution in its latest World Economic Outlook report released this month for Ghana in 2020, is in line with…
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IMF-induced policies will repress Nigeria’s currency – Organized Labour warns
Submitting to the International Monetary Fund, IMF-induced policies would further distort and repress Nigeria’s currency, organised labour has warned. They argued that embracing the policies would lead the nation to a situation where a U.S. Dollar would exchange for more than N600. Labour, under the Association of Senior Civil Servants of Nigeria (ASCSN), at its…
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Sub-Saharan Africa’s economy to shrink by 3.2% in 2020 – IMF
Data released by the International Monetary Fund, IMF, in a revised Regional Economic Outlook (REO) forecast for 2020 indicates that countries within Sub Saharan Africa will suffer a significant shrink due to depressed economic activity, a negative outcome of the novel Coronavirus pandemic. According to the IMF, earlier anticipated impact could worsen in Sub Saharan…
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BoG declares no dividend for 2019 despite GH¢1.8bn profit
The Bank of Ghana posted a profit of 1.8 billion cedis for 2019. This is about twice the operating loss of 793 million cedis it recorded in 2018. This has largely been attributed to the strong performance the central bank posted for the year under review. For 2019, the Bank of Ghana’s income from fees,…
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Prof. Quartey backs BoG’s GH¢10bn financing for government’s 2020 budget
Economist, Prof. Peter Quartey, has backed the Bank of Ghana’s decision to support government’s budget to cushion the economy from the adverse impact of COVID-19. The central bank has indicated that it is supporting the Ghanaian economy with ten billion cedis to bridge the budget deficit caused by the global pandemic. The Governor of the…
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BoG to finance government’s budget with ¢10bn to tackle COVID-19 impact
The Bank of Ghana says it will support the government’s budget with 10 billion cedis to enable it address the economic impact of COVID-19 on the country. This will include an initial amount of 5.5 billion cedis of the COVID-19 relief bond. The Governor of the central bank, Dr. Ernest Addison, disclosed this at a…
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We did not present different macroeconomic data to IMF – Ministry of Finance
The Ministry of Finance has described as ‘false and misleading’ the publication by fact-checkghana.com of the Media Foundation for West Africa, which suggests that government shared different macroeconomic data with Ghanaians and with the International Monetary Fund (IMF). According to the Ministry, publishing such wrong claims about the economy is not helpful as there may…