No Magic Wand, But Ghana Receives First Tranche of IMF Bailout
The clinching of the U.S.$3 billion Extended Credit Facility with the International Monetary Fund will help bring Ghana back on the path of growth, macroeconomic stability and debt sustainability, Finance Minister Ken Ofori-Atta has said. Ghana received a U.S.$600 million tranche as part of the U.S.$3 billion IMF loan.
The IMF's bailout has been subject to the Ghanaian government getting its public debt down to more manageable levels and also needed the buy-in from bond holders.
In December 2022, the Ghanaian government formally launched the country's domestic exchange programme as part of measures to restructure and bring the country's debt portfolio to sustainable levels, with a call on citizens to support the rollout.
A top cocoa and gold producer, Ghana also has oil and gas reserves, but its debt soared in 2022, and like the rest of sub-Saharan Africa it has been hit by the fallout from the Covid-19 pandemic and the war between Russia and the Ukraine.
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Ghana:
Approval of Ghana's IMF Bailout in 10 Months Is Quickest On Record - President
Ghanaian Times, 26 May 2023
President Nana Addo Dankwa Akufo-Addo has stated that Ghana's International Monetary Fund (IMF) bailout programme which took 10 months to be completed is one of the quickest to… Read more »
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Ghana:
I'm Worried About IMF Prescription to Check Ghana's Economic Challenges - Prof. Bokpin
Ghanaian Times, 26 May 2023
Financial Economist, Professor Godfred Bokpin, has expressed worry about the current structure of the International Monetary Fund (IMF)'s support programme for Ghana over the next… Read more »
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Ghana:
U.S.$3 Billion ECF Deal - IMF Support Will Restore Economic Stability, Growth
Ghanaian Times, 19 May 2023
The Minister of Finance, Ken Ofori-Atta, says the clinching of the $3 billion Extended Credit Facility (ECF) deal with the International Monetary Fund (IMF) will help bring the… Read more »
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Ghana:
Transcript of IMF Press Briefing On Ghana
IMF, 24 May 2023
PARTICIPANTS: Read more »
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Ghana:
Can We Avoid Future IMF Credit?
Ghanaian Times, 22 May 2023
At long last, the Executive Board of the International Monetary Fund (IMF) has approved the long-awaited $3-billion bailout being sought by Ghana to reset its economy to ease the… Read more »
InFocus
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In December 2022, the Ghanaian government formally launched the country's domestic exchange programme as part of measures to restructure and bring the count Read more »
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The country has suspended payments on its Eurobond, commercial term loans, and on most of its bilateral debt, a week after a U.S. $3 billion agreement with the International ... Read more »
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The government has formally launched Ghana's Domestic Exchange Programme as part of measures to restructure and bring the country's debt portfolio to sustainable levels, with a ... Read more »
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Vice President Mahamudu Bawumia has said that in order to protect the country's fast-dwindling foreign currency reserves, Ghana wants to pay for oil with gold instead of ... Read more »
Capital Accra (file photo).