Skip to main content

Terkper: formal request for IMF bailout to be made ‘pretty soon’

Government says a formal request for financial and technical assistance from the International Monetary Fund (IMF) will be made “pretty soon”.
The request, which is expected to reach the Washington-based lender by end of August, would detail the specific support which the Ministry of Finance is convinced will put Ghana’s troubled economy back on its feet.
Fierce criticism from some economists and political commentators followed an announcement by government last week that it would soon open discussions with the Bretton Woods institution in a bid to address current challenges facing the economy – falling cedi, spiraling inflation, high cost of living to mention a few.
Speaking to Joy Business from Washington, Finance Minister, Seth Terkper, said the request to IMF “will highlight the areas of difficulties…what we are doing ourselves and the fact that this programme is supposed to be negotiated for the first in the contest of Ghana being a middle-income country”.
Mr Terkper, who is with President John Mahama together with other dignitaries in Washington for the US-Africa Summit also revealed that President Mahama “is having discussions with the president of the World Bank in addition to the head of USAIDS”, on ways to revive the Ghana’s economy.
In a related development Ghana has already started reaping the benefits that might come along with a possible IMF  programme.
For instance interest which Ghana is paying on its second Eurobond has dropped substantially -- dropping 8.14% to 5.2% after government announced plans to go for the IMF bailout.
This should mean that Ghana is likely to get a favourable rate when  the country issues its third Eurobond.
Credit: joyonline.com

Comments

Popular posts from this blog

Deputy AG sues Facebooker over 'malicious' Ameri deal

The Deputy Attorney-General and Member of Parliament for Bolgatanga East, Mr Dominic Ayine has filed a defamation suit at an Accra High Court against a Facebook commentator, Evron Hughes.
In Mr Ayine’s statement of claim, sighted by Graphic Online, he accused Mr Hughes of defaming him in a post he authored and published on Facebook on December 21, 2015, titled “RE: AMERI TRANSACTION”.
According to the Deputy A-G, the “false and malicious” post has provoked “public disaffection” against him and exposed him to public ridicule and contempt.
Describing Mr Hughes as a “self-styled social media blogger and a social commentator”, Mr Ayine said the Facebook post had brought his hard-won reputation “as a respected politician, teacher and lawyer” into “hatred, ridicule, odium, discredit, contempt, opprobrium and reproach”.
The Deputy A-G said the “defamatory words” were authored with the sole intent to reduce him in the estimation of all right thinking Ghanaians, adding that he had received numerou…

Meet Ghanaian female shoemaker

The Saint Ozwald shoe brand

By: Fred Yaw SARPONG
The Daily Express

From her humble beginning in Sunyani in the Brong Ahafo region, a senior high female graduate from the Twene Amanfo Senior high in the Brong Ahafo Sunyani and a Ghanaian now boasts of being one of the most popular Made-in-Ghana shoe brands and has the most number of celebrity endorsements.
Sandra Ozwald, CEO of Saint Ozwald

After Sandrah Ozwald completed school in 2013, her parent couldn't have enough money to help her continue school so she planned to do something for herself by selling ice cream, groundnut cakes or food. Back at the senior high, Sandra used to make groundnut cakes, condensed toffees and ice cream to support herself since her mother couldn't provide all for her.

With 12 siblings and the only girl child (2nd born) among them, and whiles planning which of these to sell, Sandra attended a friend’s wedding and the grooms shoe looked so attractive to her.

According to her, the groom’s shoes were Ma…