Browsing: IMF

Adnan Adams Mohammed The International Monetary Fund (IMF) has shown its satisfaction to the reporting transparency and compliance levels…

Adnan Adams Mohammed The government is likely to receive International Monetary Fund’s (IMF) approval before end of first quarter…

Adnan Adams Mohammed The International Monetary Fund (IMF) has projected a 2.8% Gross Domestic Product for Ghana in 2023,…

The global financial institution maintains that, Ghana will only reach a staff-level agreement with the IMF by the first quarter of 2023.

Last week, the Managing Director of the Fund assured the President of Ghana that, the deal would be finalized before the end of the year.

The financial support which is expected to come in tranches, according to Fitch, at least US$1.0 billion dollars may be released to Ghana government by the end of the first quarter of 2023.

The IMF also welcomed the fiscal adjustments envisaged in the 2021 budget, while stressing that fiscal consolidation was needed to address debt sustainability and rollover risks.

TUC in a statement signed by its Secretary General, Dr Yaw Baah kicking against the IMF bailout said IMF programmes have only imposed unnecessary hardships on Ghanaians with practically nothing to show for them.

In terms of expenditure and funds related to Covid-19, Ghana experienced positive net benefits as the funds raised were more than the expenditure incurred. So if the fresh and ongoing engagement with the IMF is pandemic induced, then it is pandemic mismanagement.

Although the expected growth of 5.2% is the lowest among other economic researchers, the World Bank has projected a growth of 5.5% for 2022. Also, the parent company of Stanbic Bank, Standard Bank has predicted an economic growth rate of about 6.2% in 2022 and 6.8% in 2023 amidst tough times for the Ghanaian economy.