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Ghana: Ghana IMF Debt Review Looks Promising
allAfrica, 9 October 2023
The Ghanaian government and the International Monetary Fund agreed at the staff level to the first review of a U.S.$3 billion loan program, clearing the way for a transfer of… Read more »
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Ghana: Govt, IMF Reaches Staff-Level Agreement On the First Review of Extended Credit Facility
IMF, 5 October 2023
End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of… Read more »
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Ghana: #occupybog Demo Hits Accra ...Protesters Demand Removal of Governor, Two Deputies
Ghanaian Times, 4 October 2023
Thousands of Ghanaians yesterday hit the streets of Accra to demand the resignation of the Governor of the Bank of Ghana (BoG), Dr Ernest Addison and his two deputies. Read more »
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Ghana: Opposition Tries to Oust Central Bank Governor
VOA, 3 October 2023
Members of Ghana's major opposition National Democratic Congress took to the streets in the capital, Accra, on Tuesday to protest what they allege is mismanagement by the governor… Read more »
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Ghana: Future Financial Stability in Doubt as Ghana Sinks Deeper Into Debt
allAfrica, 27 September 2023
Ghana faces a possible debt default as it's debt crisis sees no end it sight, according to Nile Post. Read more »
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Africa: What Happens When an African Country Declares Bankruptcy?
Nile Post, 25 September 2023
There is a report from the international financial experts showing that a number of African countries are facing the real risk of becoming bankrupt. Read more »
Ghana Moves Closer to Easing Debt Woes
An International Monetary Fund (IMF) staff team, led by Stéphane Roudet, mission chief for Ghana, held meetings in Accra from September 25 to October 6, 2023, to discuss progress on reforms and the authorities' policy priorities in the context of the first review of Ghana's three-year programme under the Extended Credit Facility, the IMF reports.
The IMF staff-level agreement is one made with official creditors, on debt treatment in line with programme parameters. The agreement is subject to IMF management approval and Executive Board consideration once the necessary financing assurances have been received.
On October 3, 2023 protesters took to the streets in Ghana, demanding the resignation of the Governor of the Bank of Ghana Ernest Addison and his two deputies. The protesters accused the trio of mismanaging the bank, resulting in unsustainable debt and bankruptcy. Protesters further cited reckless expenditure that included the construction of the new U.S.$250 million Bank of Ghana head office.
Ghana is a major producer of cocoa and gold and has oil and gas deposits. However, in 2022 Ghana's debt rose, and like the rest of sub-Saharan Africa, it was affected by the effects of the Covid-19 pandemic and the war between Russia and the Ukraine, wrote Jerry Chifamba for AllAfrica on September 27, 2023.
InFocus
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"We are in a crisis, I do not exaggerate when I say so. I cannot find an example in history when so many malevolent forces have come together at the same time. But, as we have ... Read more »
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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 ... Read more »
