Tag: IMF
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Ghana ready to go to IMF Board following financing assurances from Paris Club
Ghana has secured financing assurances from the Paris Club following the establishment of the Official Creditor Committee co-chaired by China and France. This comes months after Ghana’s bid to get financing assurances from its international lenders to enable it get the necessary bailout support from the International Monetary Fund. By this, the move will pave…
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IMF optimistic Ghana’s creditors will soon come to an agreement on debt restructuring
Ghana is expected to soon reach an agreement with its external creditors, particularly the Paris Club, on restructuring the country’s external debt, according to the International Monetary Fund (IMF). The agreement would pave the way for the IMF board to approve a programme for Ghana in May 2023, which would enable the country to secure…
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Ghana on course to secure IMF deal soon – John Kumah assures
The government has expressed hope of securing the Paris Club financing assurances within the shortest possible time to enable the 3 billion dollar support from the International Monetary Fund. This follows the government’s engagement with bilateral and multilateral partners at the recent IMF and World Bank Spring meetings in America. Addressing the media in Parliament,…
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EIU predicts delay in IMF Board approval for Ghana
Ghana’s hope of securing an International Monetary Fund board approval soon is expected to delay owing to prolonged external debt-restructuring negotiations, and the involvement of numerous stakeholders in the process. This is according to London-based economic and political analyst, the Economist Intelligence Unit (EIU). The EIU in its 2023 Country Report on Ghana, stated that…
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Exempt Ghana’s basic education sector from brutal expenditure cuts – CSOs to IMF
Africa Education Watch (Eduwatch) together with representatives of over 600 Civil Society Organisations (CSOs) have petitioned the International Monetary Fund (IMF) board to exempt Ghana’s basic education sector from what they described as brutal expenditure cuts ahead of the bailout programme. The CSOs explained that the expenditure cuts arise from Ghana’s bid to meet conditionalities…
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Ghana’s international reserves almost empty – IMF
According to the 2023 International Monetary Fund Regional Economic Outlook Report (Sub-Saharan Africa), Ghana’s net international reserves are expected to end 2023 at approximately three weeks of import cover (0.8 months). This is in contrast to the Bank of Ghana’s Summary of Economic and Financial Data, which estimated Ghana’s reserves for 2023 at 2.7 months…
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Securing IMF bailout won’t fix economy – Harry Yamson
Even if Ghana secures its 18th extended loan facility from the International Monetary Fund (IMF), Michael Harry Yamson, Managing Partner at Ishmael Yamson and Associates, fears the country’s economic woes will further worsen. He believes the government has not demonstrated enough fiscal and political discipline in order to improve macroeconomic stability. Mr. Yamson told Bernard…
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ECG revenue mobilisation not IMF driven – Dubik Mahama
The Managing Director of the Electricity Company of Ghana, Samuel Dubik Mahama has refuted suggestions that the revenue mobilisation exercise is one of several conditionalities from the International Monetary Fund (IMF). The ECG has embarked on a one-month-long revenue mobilisation exercise to recover some GH¢5.7 billion from individuals and firms who have failed to pay…
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BoG pushes for improvement in IMF’s lending framework to boost continent’s access to resources
The Bank of Ghana is advocating an upgrade in the lending framework of the International Monetary Fund. This, according to the Governor of the Central Bank, Dr. Ernest Addison, will go a long way to help boost African countries’ access to the Fund’s resources. Addressing the 2023 Africa Consultative Group meeting in Washington DC, Governor…
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Ghana will get bailout package soon – IMF boss
The Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, is optimistic that the fund’s Executive Board would grant final approval to Ghana’s bailout request soon. Ms Georgieva said at the ongoing World Bank/IMF Spring Meetings in Washington D.C. that her optimism stemmed from the swelling goodwill that the country was getting from the…