Economist, Dr. Lord Mensah says the International Monetary Fund (IMF) had no choice but to approve the third tranche of funding under the Extended Credit Facility (ECF). According to the Dr. Mensah, Ghana had strictly and painfully adhered to the conditions set under the ECF which has seen rating agency Moody’s affirm Ghana’s ratings to … Read more
The International Monetary Fund (IMF) has been forced to make adjustments to the three-year extended credit facility to Ghana. This was revealed after the third review on Wednesday, September 28. The successful review enables the disbursement of $116.2 million to Ghana, bringing the total disbursements to $464.6 million. But the IMF mission admitted that waivers … Read more
Dr Joe Abbey, Executive Director of the Centre for Policy Analysis (CEPA), has disclosed that even though the extended credit facility of the International Monetary Fund (IMF) to Ghana was restoring fiscal discipline, poverty will not reduce in the country. Speaking in an interview with BUSINESS GUIDE yesterday, he explained that “there’s a cost in … Read more
Despite approving the release of the third instalment of funds to Ghana under the Extended Credit Facility, the IMF says there are still fiscal risks in the economy that need attention. Acting Chair and IMF Deputy Managing Director, Tao Zhang, said Ghana’s implementation of the Extended Credit Facility is broadly satisfactory, but the economic outlook … Read more
The International Monetary Fund (IMF) has stated that Ghana’s economic outlook still remains challenging. The IMF which approved Ghana’s third review under its ECF program on Wednesday says though there has been progress in stabilizing Ghana’s macroeconomic situation and reducing financial imbalances fiscal risks still remain elevated. A statement from the fund on the approval … Read more
The International Monetary Fund (IMF) board has approved Ghana’s third review under the Extended Credit Facility (ECF). The nod was given yesterday [Wednesday]. Ghana last week provided in full data requested by the Fund to enable it meet and make a decision on the country’s ECF program. Among the data requested by the Fund was … Read more
The Executive Board of the International Monetary Funds (IMF) has approved the disbursement of some $116 million to Ghana. This was after the board completed the third Extended Credit Facility review on Ghana in Washington DC today. This will pave the way for some $116 million to be transferred to Bank of Ghana’s account within … Read more
The Finance Ministry says it is optimistic a meeting Wednesday by the IMF to decide release of the third installment of funds under the Extended Credit Facility will be favourable. A Deputy Minister of Finance, Mona Quartey, said progressive data on how government has performed under the programme so far was presented last week to … Read more
The Institute of Statistical, Social and Economic Research (ISSER) is cautioning cost of credit as well as inflation will shoot up in the coming months if there is a further delay in the release of the IMF bailout cash. ISSER argues, government’s decision to borrow more to meet expenditure like wages in an election year … Read more
An Economist with the Institute of Statistical, Social and Economic Research, (ISSER), Professor Robert Darko Osei, is cautioning of a further increase in interest and inflation rates over a further delay in the release of the IMF bailout cash. He argued that, government’s decision to borrow more to meet expenditure like wages in an election … Read more
Ghana has received a US$700-million guarantee from the World Bank for its Offshore Cape Three Points (OCTP)- Sankofa gas project ahead of anticipated oil and gas production in 2017 and 2018, respectively. The project, which will be the country’s largest gas producing field, will receive a US$500-million International Development Association (IDA) payment guarantee and a … Read more
The Secretary General of the Trades Union Congress, Dr. Yaw Baah says the Union will force government to leave IMF programs. Ghana and other African countries have been relying on the IMF for bail outs economically. The latest for Ghana has been a three-year bailout program to return the country to economic stability through prudent … Read more
The Ministry of Finance is due to present data on the financial status and performance of some state-owned enterprises (SOEs) to the International Monetary Fund (IMF) later this month to pave the way for its Executive Board to meet and approve the country’s last review report. The statistics would include the government’s plans for the … Read more
Sweet Liberia, with a land area of 111,369sq km and populated by some 3.57million citizens inches closer to National Elections next year with one of the cleverest-heads-on-human shoulders, ex-Governor of the Central Bank, Dr. Joseph Mills Jones in pole position. Indeed a lethal combination of war and famine dating from the 1980s have ensured that, … Read more
A Labour Economist, Dr. William Baah Boateng has shot down any significant impact on Ghana’s commitment with the International Monetary Fund (IMF), over an increase in public sector wages. According to him, the decision may have taken into consideration government’s commitment to maintain high fiscal discipline under the economic assistance program with the IMF. “At … Read more
Government has disclosed it is working to present data on the country’s energy sector to the International Monetary Fund (IMF) which should lead to the release of the third tranche of the bailout funds. According to the Finance Ministry, the information has become necessary as the Fund considers the power sector as one of the … Read more
Financial institutions in the West African sub-region have been urged to get conversant with activities of operators in the fertiliser value chain in order to provide them with the needed financial support. Speaking at a workshop held in Accra yesterday, an agriculture consultant and former banker, Mr Francis Osei, encouraged finance firms to continue to … Read more
The International Monetary Fund (IMF) has every right to walk out of the three-year Extended Credit Facility (ECF) programme with the country, following Parliament’s refusal to legalise the zero limit on Central Bank financing of the budget deficit, a former deputy Governor of the Bank of Ghana (BoG), Mr Emmanuel Asiedu-Mantey, has said. An IMF … Read more
The Finance Minister, Seth Terkper today announced a prospective new Eurobond issue and all tender offer in respect of the outstanding Eurobonds due 2017. A release by the Finance Ministry said, “Following from our prior roadshow in August 2016, when we indicated that we would continue to monitor markets with a view to a potential … Read more
Investors’ worries over government’s spending bill this year has heightened amid uncertainty over the International Monetary Fund (IMF) three-year budgetary support deal with the country, reports have suggested. A team from the IMF has left the country after discussions with government over certain macroeconomic targets and provisions in legislations passed recently ended inconclusively and indications … Read more