Tag: IMF
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Ghana misses restructuring target in blow to ailing currency
Ghana’s cedi, the world’s second-worst performing currency this year, is heading for more pain after the West African nation missed a self-imposed deadline to restructure its bilateral debt and move closer to tapping foreign aid. Finance Minister Ken Ofori-Atta wanted to reach a restructuring agreement with bilateral creditors by the end of February to help…
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IMF deal in danger if China rejects Ghana’s debt relief – German Ambassador
The German Ambassador to Ghana, Daniel Krull, has warned that the $3 billion bailout being sought from the International Monetary Fund is in danger of not being approved if China fails to agree to a debt relief package. Addressing the media, Daniel Krull said China has so far rejected attempts by officials from Ghana to…
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Debt cancellation: Ghana’s engagement with China postponed to March
The Finance Minister, Ken Ofori-Atta, has disclosed that government’s planned high-level meeting with Chinese creditors over Ghana’s debt restructuring has been postponed to late March 2023. According to him, this is due to the upcoming National People’s Congress of China which is scheduled for early March. However, bilateral talks will continue ahead of this important…
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Successful DDEP will build momentum for external debt restructuring – Ofori-Atta
The Minister for Finance, Ken Ofori-Atta is confident that the successful implementation of the Domestic Debt Exchange Programme (DDEP) will build momentum for the country’s external debt restructuring programme. In an address to Parliament on Thursday, February 16, 2023, the Minister stated that the completion of the DDEP, which was aimed at alleviating the country’s…
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IMF assigns resident financial adviser to Bank of Ghana
The International Monetary Fund (IMF) has appointed Leonard Chumo as a financial adviser to the Bank of Ghana upon request. Funded by Switzerland’s State Secretariat for Economic Affairs (SECO), the resident adviser is expected to provide technical assistance and help build the capacity of the banking supervision function in the country. A press release from…
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DDEP: Govt extends window for bondholders to complete tendering process
Government has granted bondholders a 3-day administrative window to complete processes for tendering their bonds. The move comes after government learned of technical challenges faced by some bondholders who tried to complete the online tender process. A statement issued by the Ministry of Finance said the window ends at 4pm on Friday February 10, 2023.…
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We need IMF bailout in March or economy will crash – Ofori-Atta to pensioners
Finance Minister Ken Ofori-Atta has stated that failure to secure a bailout with the International Monetary Fund (IMF) by mid-March may ground Ghana’s economy to a halt. Addressing Pensioner bondholders who have resisted their inclusion in a domestic debt exchange programme on Monday, February 6, the Finance Minister pleaded with the pensioners to accept a…
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Encourage China to support Ghana’s debt restructuring – Akufo-Addo to Germany
President Nana Addo Dankwa Akufo-Addo on Friday urged Germany to “encourage” China, an ad hoc member of the Paris Club, to support Ghana’s debt restructuring efforts. He said it was critical that the Paris Club swiftly establishes, with the participation of other official creditors, a creditors committee, to support the efforts that would enable Ghana…
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Government to securitize $3.3bn in Central Bank loans
Ghana plans to convert an estimated 40 billion cedis ($3.3 billion) of loans owed to the Bank of Ghana into bonds, making the Central Bank the single largest holder of domestic government securities and exposing it to the ongoing debt restructuring process. According to people familiar with the matter, the bonds will be issued by…
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Re-engage IMF; renegotiate terms – Theo Acheampong to gov’t
Economist and Political Risk Analyst, Dr. Theo Acheampong is urging government to review its target of reaching a 55% Debt-to-GDP ratio by 2028. He views the target as too ambitious adding that it imposes undue pressure on government, forcing it to further burden some categories of bondholders. Dr. Acheampong believes that if the 55% Debt-to-GDP…