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    School Feeding: Cost Per Meal To Be Increased From GH¢1 To GH¢1.20 – Minister

    School Feeding: Cost Per Meal To Be Increased From GH¢1 To GH¢1.20 – Minister

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    School Feeding: Cost Per Meal To Be Increased From GH¢1 To GH¢1.20 – Minister

    School Feeding: Cost Per Meal To Be Increased From GH¢1 To GH¢1.20 – Minister

    Parliament To Consider Five Revenue Bills Today, June 6

    Parliament To Consider Five Revenue Bills Today, June 6

    Brazil’s President Lula unveils plan to end deforestation by 2030

    Brazil’s President Lula unveils plan to end deforestation by 2030

    Rwandan president reshuffles top military officers

    Rwandan president reshuffles top military officers

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    NDC Preparing The Grounds To Reject Assin North By-Election Results – NPP

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    Kennedy Agyapong Is Nonconforming Because He Stands For The Ordinary People – Campaign Manager

    Ga Mantse To Change Greater Accra To ‘Ga-Adangbe Region’

    Ga Mantse To Change Greater Accra To ‘Ga-Adangbe Region’

    BBC: Ghana Patients In Danger As Nurses Head For NHS In UK – Medics

    BBC: Ghana Patients In Danger As Nurses Head For NHS In UK – Medics

    Gaddafi’s Son Goes On Hunger Strike In Lebanon – Lawyer

    Gaddafi’s Son Goes On Hunger Strike In Lebanon – Lawyer

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    Ousted Guinean President Alpha Condé travels abroad for treatment

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    Toppled Malian President Ibrahim Boubacar Keïta dies at age 76

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    Dr.Arikana Chihombori-Quao blasts ‘the depth of evilness’ of white treatment of slaves

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    BREAKING: Arikana praises Macron

    U.S Vice President Kamala Harris delivers heartwarming speech to mark January 6 Uprising Anniversary

    U.S Vice President Kamala Harris delivers heartwarming speech to mark January 6 Uprising Anniversary

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    US may fly Haitian migrants home from Texas starting Sunday

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    Jan 6 Capitol rioters openly hurled racial slurs – Cops testify

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    Remittance fees highest to Sub Saharan Africa

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    Brazil’s President Lula unveils plan to end deforestation by 2030

    Brazil’s President Lula unveils plan to end deforestation by 2030

    Rwandan president reshuffles top military officers

    Rwandan president reshuffles top military officers

    Gaddafi’s Son Goes On Hunger Strike In Lebanon – Lawyer

    Gaddafi’s Son Goes On Hunger Strike In Lebanon – Lawyer

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    Scientists say world’s oldest-known burial site found in S Africa

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    Nigeria’s unions suspend strike over fuel subsidy

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    Former US VP Mike Pence officially enters 2024 presidential race

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    Air strikes on Sudan campus kills Congolese – government

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    USA To Play Ghana In Friendly In October

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    Ronaldo becomes world’s best-paid athlete after Saudi move

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    IBA slams ‘black sheep’ breakaway body as schism roils boxing

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    Ukraine to boycott World Judo Championships over Russian athletes

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    ‘They have to win’: Canadian women footballers fight for equality

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    Barcelona President Laporta denies crimes in refereeing scandal

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    China, Russia face sanctions from US states now. That’s dangerous

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Ghana Doubles IMF Funding Goal To $3 Billion In Three Years

Gifty Okoampah by Gifty Okoampah
August 9, 2022
in Africa, Business, Ghana, News
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MID-YEAR BUDGET REVIEW : Stability, Debt, E-Levy, IMF, Prudent Spending
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Ghana’s government is in talks over a loan of about $3 billion from the International Monetary Fund, according to two people familiar with the matter.

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The amount is double what the West African nation was considering a month ago as it tries to shore up its finances and win back access to global markets. The funding would be provided over three years, the people said, asking not to be identified because the talks are still in progress and public announcements have not been made.

Calls to a finance ministry spokeswoman didn’t connect.

“Since negotiations for the program are starting now, it’s too early to comment on the final form the program will take,” an IMF spokeswoman said in an emailed response. “The Extended Credit Facility for low-income countries is the Fund’s main tool for medium-term support for countries facing protracted balance of payments problems, similar to Ghana’s. The duration of such an arrangement is between three to four years, and extendable to five years.”

The final program is ultimately decided by the IMF’s Executive Board, she said.

The government began discussions with the Washington-based multilateral lender last month, reversing a pledge by President Nana Akufo-Addo’s administration not to seek a financial program from the IMF. Ghana has been battling to stabilize a debt pile that increased to 78.3% of gross domestic product at the end of June from 62.5% five years ago.

S&P Global Ratings last week became the latest rating company to cut its assessment of Ghana’s ability to repay its debt, downgrading its rating by one notch to CCC+, seven levels below investment grade, and changing the outlook to negative from stable. Moody’s Investors Service lowered Ghana’s long-term debt one step deeper into junk territory to Caa1 on Feb. 4, following Fitch Ratings, which cut Ghana’s rating a month earlier to B- from B.

Source: Bloomberg

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