Tag: IMF
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IMF bailout, DDEP to blame for stalled interchanges – Roads Ministry
The Head of Public Relations at the Ministry of Roads and Highways, Nasir Ahmed Yartey, has indicated that the stalled road interchanges across the country are a result of the country’s International Monetary Fund (IMF) deal and the Domestic Debt Exchange Programme (DDEP). Some key interchanges across the country that yet to be completed include…
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IMF justifies BoG’s GHS 60billion DDEP-induced loss
The International Monetary Fund (IMF) has backed the Bank of Ghana’s GHS 60 billion loss incurred in 2022. The Fund says the impairment which was brought on by the government’s Domestic Debt Exchange (DDE) was necessary to “restore macroeconomic stability and public sustainability.” The Bank of Ghana incurred the loss largely as a result of…
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Govt revises macroeconomic targets downwards: Real GDP growth adjusted to 1.5%
Finance Minister, Ken Ofori-Atta, during the presentation of the 2023 mid-year budget review today, July 31, announced significant revisions to the country’s macroeconomic and fiscal frameworks. The revision aims to align with the targets of the IMF-supported PC-PEG due to recent developments and global economic conditions. Notable revisions include a decrease in overall Real GDP…
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Ofori-Atta hopeful IMF will disburse second tranche of Ghana’s US$ 3 billion bailout
Government is upbeat about Ghana’s receipt of the second tranche of the US$ 3billion bailout from the International Monetary Fund (IMF). Finance Minister, Ken Ofori-Atta believes, Ghana will meet the criteria for the disbursement of the next US$600. This comes after the recent assessment by the Fund’s visiting staff. Government expects the second tranche in…
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IMF conditionalities not preventing energy sector leakages – ACEP
The Africa Centre for Energy Policy (ACEP) has disclosed that the conditionalities of the International Monetary Fund are not helping curb the revenue leakages in the country’s energy sector. In a report dubbed, ‘Protecting Ghana’s Economic Sustainability in the Face of Power Sector Risks,’ the energy think tank said the already implemented conditionalities are not…
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Mike Oquaye warns of IMF return if Ghana fails to address import dependency
The former Speaker of Parliament, Professor Aaron Mike Oquaye, has issued a stark warning that Ghana may find itself seeking relief from the International Monetary Fund (IMF) within the next six years if the nation does not address its current import dependency and inefficient utilization of mineral resources. During the 2nd R. S. Blay Memorial…
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Chamber of Commerce appeals to govt to address tax concerns in mid-year budget review
The Ghana National Chamber of Commerce and Industries (GNCCI) is appealing to government to use the Mid-Year Budget Review to address some of the concerns raised by the business communities with respect taxation. The Chamber maintains that although some of the tax policies being implemented by government are IMF conditionalities, reconsideration will bring some relief…
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IMF bailout: Ghana to seal agreement with bilateral creditors soon
Government is yet to reach an agreement with bilateral creditors as part of processes to restructure Ghana’s debt following the US$ 3 billion loan from the International Monetary Fund (IMF). The process of getting an MoU with the creditors the IMF has said is a crucial step towards bringing the country’s debt to sustainable levels…
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Govt to receive $6.2bn from multilateral partners – Ofori-Atta
Finance Minister, Ken Ofori-Atta has disclosed that the government is expected to receive about $6.2 billion from its multilateral partners between 2023 and 2026. While briefing the nation on the economy at the Ministry of Finance on Sunday, June 18, the Minister disclosed the government has come up with Ghana’s Post-COVID-19 Programme for Economic Growth…
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IMF deal not end to Ghana’s woes; real work just begun – Ofori-Atta
The Minister of Finance, Ken Ofori-Atta, has cautioned that securing the extended credit facility from the International Monetary Fund (IMF) will not mark the end of the economic challenges facing the country. Mr. Ofori-Atta, while giving an update on Ghana’s economy, indicated that the IMF-backed program is rather a precursor to the implementation of a…