Tag: International Monetary Fund
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‘E-levy not the solution to revenue shortfall, go to IMF’ – Assibey Yeboah
Former Chairman of the Finance Committee of Parliament Dr. Mark Assibey Yeboah is asking the government to reconsider its decision not to go back to the International Monetary Fund (IMF) in the face of the country’s dwindling revenues. He maintains that the government’s insistence on passing the Electronic Transfer Levy (E-levy) to shore up its…
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Ghana does not need the IMF – Dr. John Kwakye
Economist and Director of Research at the Institute for Economic Affairs, Dr. John Kwakye, has downplayed claims that Ghana needs financial support from the International Monetary Fund (IMF). According to him, there’s no need for Ghana to return to IMF because the country is endowed with natural resources that can help build the economy if…
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Ghana hasn’t been downgraded to low income status – Finance Ministry
The Ministry of Finance has clarified that the classification of Ghana as a low-income developing country in the International Monetary Fund’s (IMF) April 2021 Fiscal Monitoring document is not a downgrade. “We wish to state that Ghana continues to be categorised as a ‘Lower-Middle Income Economy’ based on the widely-recognised classification of the World Bank…
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IMF’s 2020 growth rate projection for Ghana lower than BoG’s expectation
The International Monetary Fund’s (IMF) latest projection for economic growth in Ghana for 2020, is lower that the growth rate expected by the Bank of Ghana. The 0.9 percent growth rate projection by the Bretton Woods Institution in its latest World Economic Outlook report released this month for Ghana in 2020, is in line with…
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We need a people-centered and sustainable recovery post COVID – BoG Governor
The Governor of the Bank of Ghana, who chairs the Board of Governors of the IMF and the World Bank, Dr. Ernest Addison, has urged colleague Governors globally to ensure the speedy formulation and implementation of policies to protect the gains made prior to the Coronavirus crisis. In a virtual address to Governors at the…
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IMF/World Bank Spring Meetings in Washington DC cancelled over coronavirus outbreak
The International Monetary Fund and World Bank Group’s Spring Meetings planned for next month in Washington DC in the United States of America has been canceled over health and safety concerns following the outbreak of the deadly coronavirus (COVID-19). A joint statement issued by the two Bretton Woods institutions said the 7-day event will now…
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Ghana’s high cost of debt servicing worrying – IMF
The International Monetary Fund’s Resident Representative, Dr. Albert Touna-Mama, has said Ghana’s public debt situation puts the country in a very dire position. The public debt stands at 215 billion cedis with the World Bank warning that the country is at high risk of debt distress. Speaking at a forum organized by Graphic Business and…
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IMF urges govt to introduce more taxes to plug revenue shortfall
The International Monetary Fund (IMF) has stated that the government must reinstate some abolished taxes and expand some existing ones in other to meet its short-term revenue projections. The Board of the Fund in its recent report on Ghana stated that the government must consider urgent tax measures like the reintroduction of the controversial 17.5…
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Seth Terkper writes: Reading IMF “between the lines” on holidays
Introduction The 2020 new year holidays have come and gone and, despite assurances of an “exit” from the Institution a few months back, the most significant market and fiscal developments relate to the International Monetary Fund (IMF) post-Budget Statement. IMF Article IV: based on “headline” scores, the view was bullish in some official and unofficial…
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Cedi’s performance worst in 3-years ahead of election 2020
The cedi’s perennial struggles against the US dollar does not seem to go away as this year’s performance is rated as the worst in the three-year-old Akufo-Addo administration. According to data from the Bank of Ghana, the cedi depreciated by about 10.6 percent against the greenback compared to the 8.21 percent depreciation achieved last year.…