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The International Monetary Fund (IMF) has transferred a little over US$1 billion into the Bank of Ghana‘s account as part of a Special Drawing Right (SDR) allocation to support economic recovery. This came to light when the Fund issued a circular showing Ghana was the 4th country to receive the …
Read More »IMF provides US$1 billion in SDR to shore up foreign exchange reserves
The International Monetary Fund (IMF) will on Monday August 23 2021, make resources equivalent to US$1 billion available to Ghana, in the form of a Special Drawing Rights (SDR) allocation. Launched for all countries to respond to the worst peacetime global recession since the great depression, the SDR allocation follows …
Read More »IMF lauds Ghana’s 2021 budget policies
The International Monetary Fund (IMF) has backed government’s recent policy towards fiscal consolidation as captured by the 2021 budget. Leader of IMF’s mission Carlo Sdralevich made these observations at the end of virtual meetings under Article IV between Wednesday, April 28 and Wednesday, May 12. “The 2021 budget’s recent policy …
Read More »IMF backs tax increments to save Africa from debt distress
The International Monetary Fund (IMF) has backed African governments to use tax increments as a means of raising more revenue in order to reduce borrowing as they continue to fight the deadly pandemic. This comes on the back of the Regional Economic Outlook report – April 2021 (published by IMF), …
Read More »Man, 29, jailed 20 years for robbing IMF Country Director
The Circuit Court in Accra has sentenced one Mohammed Buzu, a 29-year-old trader to 20 years in jail for pulling a machete on the Country Director of the International Monetary Fund (IMF) and robbing him and his wife. The convict was found guilty on the two charges of causing harm …
Read More »IMF spent $11.3bn on Ghana, other low-income countries to tackle covid
The International Monetary Fund (IMF) has announced about $91 billion in financing to 80 countries, including $11.3 billion to 48 low-income countries since the onset of the pandemic in late March and as of September 15, 2020. Out of this lending, the IMF channeled $30 billion (equivalent to SDR 21.2 …
Read More »Coronavirus: Additional monetary stimulus may pose high risks to financial stability – IMF
Kristalina Georgieva, the International Monetary Fund (IMF) Managing Director, has said in her opening remarks during a forum on ‘New Policy Frameworks for a Lower-for-Longer World’ last week that while new frameworks and tools may speed economic recovery, additional monetary stimulus may pose important risks to financial stability. She said …
Read More »IMF debunks Ghana’s HIPC status
The International Monetary Fund (IMF) has debunked claims that Ghana has been classified as a Highly Indebted Poor Country (HIPC) based on data on its website. A statement by the IMF indicated that the recent update of Ghana’s debt-to-GDP ratio has NOT triggered any decision or action by the institution. …
Read More »‘Be careful’ – IMF warns Ghana, other Sub-Saharan African countries over debts
Regarding public debt and fiscal policy in Sub-Sahara Africa, the International Monetary Fund (IMF) has noted that given the unprecedented scale of the coronavirus crisis, an ideal policy mix should include a strong role for fiscal stimulus to support aggregate demand. However, the Bretton Woods institution said, sub-Saharan African countries …
Read More »NDC once lied to IMF and Ghana was fined $36m – Kufuor
Former President John Agyekum Kufuor has said the National Democratic Congress (NDC) administration under former President Jerry John Rawlings once lied to the International Monetary Fund (IMF), leading to Ghana being fined $36 million. He said this was part of the monumental economic challenges that the NDC administration left for him to come and …
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