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.


Popular posts from this blog

PIAC told to go to court to enforce recommendations

By: Fred Yaw Sarpong

The Public Interest and Accountability Committee (PIAC), the mandated body to monitor the use of Ghana’s oil revenues has been asked to go to court to seek strict compliance of the laws covering accountability of oil funds in the country.

According to Dr. Steve Manteaw, the Campaign Coordinator for ISODEC and a member of the PIAC , it’s time for PIAC as a body to consider going to court to compel institutions responsible for managing Ghana’s oil revenue to answers some questions concerning the expenditure of oil funds.

He pointed out that there are several recommendations made by the PIAC in its past reports on management of petroleum revenues, and a lot of these recommendations has received no positive response from the institutions concerned.

He disclosed this to the Daily Express at a three-day workshop on Interrogating the 2016 Semi Annual PIAC Report at Koforidua in the Eastern Region.

The workshop was organized by the Institute of Financ…

BoG shuts down two financial institutions

The Bank of Ghana has closed down two financial institutions in the country. This was after the central bank investigation revealed that the two companies were operating without approval.

The two companies were Agro Development Fund Services Limited (ADFSL) and Hebron Financial Investment Limited (HFIL).

The Daily Express gathered that the ADFSL was asked to stop operating after the central bank realized the institution had not been licensed to take deposit from the public.

A statement from BoG said the ADFSL continued to operate despite the orders from the Bank of Ghana. It however closed down ADFSL’s operation until further notice.

The Bank of Ghana said that the ADFSL is located at Asufufu, opposite the Sunyani Traditional Council in the Brong Ahafo region.

“The decision to close down ADFSL is in furtherance of section 20(2) (g) of the Banks and Specialized Deposit-Taking Institutions Act, 2016 (Act 930). Bank of Ghana has investigated ADFSL thoroughly and has concluded that its a…

Graphic Communication Group staffs petition GJA Election Dispute Adjudication Committee

Some staffs of the Graphic Communications Group have petition the Election Dispute Adjudication Committee of the Ghana Journalists Association (GJA) concerning their grievances covering issues affecting the association.
The staffs of the company seeks some clarification on the mandate of the current executives of the association.

Dear Sir,
We the undersigned write to place before you our grievances covering issues affecting the Ghana Journalist Association, and we hasten to add that our grievances are placed before you in furtherance of our constitutional duty under Article 11 (e) of the 2004 Constitution of the Ghana Journalists Association.
We first of all seek clarification on the mandate of the current executives of the Association to be in office and take decisions to affect the wellbeing and welfare of the Associ…