Skip to main content

IMF Executive Board to consider Ghana’s request for ECF arrangement


 All is set for the Executive Board of the International Monetary Fund (IMF) to consider Ghana’s Programme today May 17, 2023, with indications that the country will secure an approval for the programme.

This will pave way for the disbursement of the first tranche of the $3 billion balance of payment support to Ghana shortly.

The board is undertaking this exercise after the country met all the pre-conditions as well as obtained financing assurance from members of the G20 Common Framework. 

Already, the cedi and Ghana’s Eurobonds have extended gains on the international market.

According to Bloomberg, the cedi strengthened by 5.3% on May 15, 2023, the most since April 3, 2023. It actually gained 5.0 pesewas to the American greenback on the retail market to sell at ¢11.90 on May 15, 2023.

The trend continued yesterday, May 16, 2023, as the local currency gained further grounds against the American ‘greenback’ to sell at ¢11.78.

The IMF is expected to hold a virtual press conference on Thursday, May 18, 2023 to brief journalists on the outcomes of IMF Executive Board meeting on Ghana’s request for an Extended Credit Facility Arrangement.

Joy Business has gathered that the Finance Minister who was has been in the USA for other engagements since last week, will join the press conference physically, whilst the Governor of the Bank of Ghana, Dr. Ernest Addison, joins virtually from Accra

Fund to publish details of Ghana’s programme

Meanwhile, the IMF will publish the full details of Ghana’s Economic Recovery Programme once approval is given. 

It will also outline the necessary conditions associated with the programme as well as the staff report on Ghana.

Minister of State at the Finance Ministry, Dr. Mohamend Amin Adam told Joy Business government is committed to transparency.

As a result of this, the government has instructed the IMF to publish all the document once the approval has been given. The documents will be out there for the public to continue to scrutinise and to help monitor. It is important because we are suppose to implement a number of measures and to the extent that the public must know what these measures are”, he added.

“Through this, they [Ghanaians] will be able to ask relevant questions as to how we are performing. Public accountability will continue to be a feature of the Ghanaian politics. We have a strong parliament who are not afraid to ask relevant questions and so we want to be as transparent as possible and that is the commitment the president [Akufo-Addo] has made”, the Minister of State.

Labels:

Comments

Post a Comment

Popular posts from this blog

Fitch Solutions retains 2025 growth rate projection at 4.2%

 Fitch Solutions has reaffirmed its projection that Ghana’s economy will expand by 4.2% in 2025. This estimate slightly exceeds the International Monetary Fund’s forecast of 4% and the World Bank’s projection of 3.9%. The UK-based research firm attributes its outlook to historically high gold prices, which are expected to cushion the Ghanaian economy against a global slowdown triggered by rising tariffs. Higher gold prices are anticipated to strengthen government revenue, enhance foreign exchange earnings, and help sustain currency stability. The report also highlights that Ghana is relatively less vulnerable to increasing trade restrictions from the United States, given that its primary exports—gold and crude oil—are not directly affected by the tariffs introduced by President Trump’s administration. Moreover, the US constitutes only about 4% to 5% of Ghana’s total exports. In contrast, Ghana’s trade relations are more heavily oriented toward China and European countries, particul...
Post a Comment
Read more

BoG injects $20m into FX market to support 11 BDCs

  The Bank of Ghana (BoG) has injected $20 million into the foreign exchange market in the latest round of its forward FX auction targeted at Bulk Oil Distribution Companies (BDCs). The intervention, which benefited eleven BDCs, is part of the central bank’s broader strategy to stabilise the cedi and ensure price stability in the petroleum downstream sector. Held on Tuesday, April 29, the auction was priced at a locked exchange rate of GHS 14.28 to the US dollar, with bid offers ranging from GHS 13.85 to GHS 15.55. This move reflects the BoG’s continued effort to deepen forex liquidity and safeguard the domestic fuel supply chain against volatility in global energy markets. By directly supplying FX to BDCs, the central bank seeks to ease pressure on the interbank market, guarantee the uninterrupted flow of petroleum products, and mitigate the pass-through effects of exchange rate fluctuations on fuel prices. The $20 million disbursement forms part of a $120 million programme for th...
Post a Comment
Read more

Kenpong Travel & Tours Champions Breast Cancer Awareness During Customer Week

  As part of activities to mark Customer Week, Kenpong Travel & Tours, a leading travel agency in Ghana, is joining the global fight against breast cancer. October is Breast Cancer Awareness Month, and the company is passionate about spreading hope and support to those affected. At Kenpong Travel & Tours, we believe that travel and exploration can be therapeutic and empowering. That's why we're committed to supporting our customers and the broader community in the fight against breast cancer. We're proud to stand in solidarity with breast cancer warriors and survivors. At Kenpong Travel & Tours, we believe that everyone deserves a chance to explore the world and create unforgettable memories. Let's prioritize health, support one another, and fight against breast cancer," said Kennedy Agyapong, CEO of Kenpong Travel & Tours. Our efforts are focused on raising awareness, promoting early detection, and supporting those affected by breast cancer. We urg...
Post a Comment
Read more