Tag: IMF
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Ghana’s economic crisis should be over after 3-year bailout – IMF
Ghana should be able to get out of the current economic quagmire after its three-year extended credit facility with the International Monetary Fund (IMF), Dr. Leandro Medina, the IMF Representative in Ghana has said. When asked specifically on Citi TV‘s The Point of View, if Ghana’s struggles with the economy will be over by the end…
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Govt ensuring fiscal adjustments non-negotiable – IMF
Government will be under pressure to cut down its expenditure following the approval of the country’s US$3 billion deal with the International Monetary Fund (IMF). It is the expectation of the IMF that the government of Ghana under its obligations rolls out a raft of measures aimed at ensuring that the distressed economy is put…
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BoG directs commercial banks to recapitalize by September
Governor of the Central Bank, Dr. Ernest Addison says commercial banks in the country have been given September of this year to show proof of their re-capitalization plan. Banks are expected to raise some GH¢400 million to remain in business despite the negative effect of the Domestic Debt Exchange Programme on their operations. Answering questions…
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Mere IMF-dictated fiscal discipline not enough to solve Ghana’s problems – Bernard Avle
The General Manager of Citi FM and Citi TV, Bernard Avle, is convinced that the regularity with which Ghana and other countries in the global South seek assistance from the International Monetary Fund (IMF) indicates deeper issues beyond mere IMF-dictated fiscal discipline. According to him, “There are ideological, cultural, philosophical, and historical factors at play…
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Bernard Avle writes: Breaking the 17; Alternatives to IMF conditionalities for economic development in Ghana
Over the past 65 years, Ghana has faced periods of large fiscal and external imbalances that have led to high inflation, declining reserves, depreciation of the Cedi, and high-interest rates. During such episodes, the country has had to turn to the International Monetary Fund (IMF) for a financial bailout. Ghana’s latest approach to the IMF…
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New taxes, tariff hikes crucial for Ghana’s bailout – IMF
The International Monetary Fund (IMF) has justified the adoption of three mobilization measures as well as the increase in utility costs as Ghana attempts to fix its balance of payment problems. Despite criticisms, the Excise Duty, Growth and Sustainability, and Income Tax Amendment laws aim to generate GHS4 billion for the country each year. These,…
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Don’t introduce new taxes in mid-year budget review – Importers & Exporters to govt
The Importers and Exporters Association of Ghana has warned government not to introduce any new taxes in its mid-year budget review. His comment comes after Ghana received an amount of $600 million from the International Monetary Fund (IMF) being part of the $3 million three-year extended credit facility. Speaking to Citi Business News, Executive Secretary…
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IMF bailout: Severe hardships await Ghanaians – Economist predicts
An Economist, Dr. Patrick Assuming, is anticipating severe hardships for Ghanaians in the coming months following the country’s receipt of $600 million, being the first tranche of the International Monetary Fund’s (IMF) $3 billion three-year extended credit support. The senior lecturer with the University of Ghana entreated Ghanaians to brace themselves up as they will…
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Revising BoG Act good for stabilizing fiscal management – Economist
Economist, Courage Boti has stated that the International Monetary Fund’s (IMF) call to revise the Bank of Ghana Act is a step in the right direction. He notes that the move is critical to stabilizing the country’s fiscal management. In an interview with Citi Business News, Courage Boti also explained that, “I don’t think this…
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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…