Tag: IMF
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Banks seek shorter maturities in local debt-swap deal
Ghanaian banks are holding out for better terms in a domestic bond-exchange program aimed at easing the government’s debt-service burden. This is according to Bloomberg. No bank will make a profit in 2022 if they accept the new bonds offered under the exchange, and some face collapse, according to two people familiar with ongoing talks…
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Govt to conclude negotiations with IMF in February – Akufo-Addo
President Nana Addo Dankwa Akufo-Addo has hinted that Ghana will probably secure the financial bailout it is seeking from the International Monetary Fund (IMF) by the middle of February 2023. He said everything that is required of Ghana to do or submit in order to reach an agreement with the Fund has been done, and…
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IMF boss warns 2023 will be a tougher year
A third of the global economy will be in recession this year, the head of the International Monetary Fund (IMF) has warned. Kristalina Georgieva said 2023 will be “tougher” than last year as the US, EU and China see their economies slow. It comes as the war in Ukraine, rising prices, higher interest rates and…
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Ofori-Atta: $3bn IMF deal will help tackle inflation, strengthen cedi
The Finance Minister, Ken Ofori-Atta, has hailed the Staff-level Agreement with the International Monetary Fund for a new three-year arrangement under the Extended Credit Facility (ECF) of about US$3 billion. The agreement was reached after several months of talks between Ghanaian government officials and authorities of the IMF. Addressing Journalists at a press conference on…
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IMF reaches $3bn agreement with Ghana
The International Monetary Fund (IMF) has reached a staff-level agreement with Ghana on economic policies and reforms to be supported by a new three-year arrangement under the Extended Credit Facility (ECF) of about US$3 billion. According to the IMF, the authorities’ strong reform program aimed at restoring macroeconomic stability and debt sustainability while protecting the…
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Debt-ridden Ghana’s Cedi posts world’s biggest gain against US Dollar
Ghana’s currency took the title of the world’s best performer against the dollar this week amid optimism the debt-distressed country is moving closer to unlocking an International Monetary Fund bailout. The cedi has rallied 10% in the past five days, the biggest advance among about 150 currencies tracked by Bloomberg. That’s a turnaround for an…
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IMF and Ghana expected to reach staff-level agreement by Tuesday
The International Monetary Fund (IMF) and Ghana are expected to reach a staff-level agreement on a loan deal by Tuesday at the latest, said three sources with knowledge of the ongoing talks. The IMF did not immediately respond to a request for comment. A spokesperson for Ghana’s finance ministry said they cannot comment beyond that…
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Government confident of reaching Staff-Level Agreement with IMF soon
Government is optimistic that it will reach a Staff-Level Agreement soon with the International Monetary Fund, IMF, for a programme aimed at restoring macroeconomic stability and protecting the most vulnerable. To this end, it is determined to implement wide-ranging structural and fiscal reforms to restore fiscal and debt sustainability and support growth. Addressing the media…
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Use 2023 Budget to lay foundation for long-term sustainability – IEA to Gov’t
Government is being urged to use the 2023 Budget and Economic Statement to help chart a new path and restore macroeconomic stability for the country. This, the Institute of Economic Affairs believes this will help build back the Ghanaian economy. The Institutes call comes as the country is experiencing one of its worst economic crises…
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There won’t be ‘haircuts’ on your investments – Akufo-Addo assures
The President, Nana Addo Dankwa Akufo-Addo has assured that government does not intend to slash the returns made on investments as speculated. President Akufo-Addo gave the assurance when he addressed the nation on Sunday following economic challenges currently confronting the country. “I also want to assure all Ghanaians that no individual or institutional investor, including…