Ghana's Bilateral Creditors Under Pressure To Approve Debt Restructuring Plan - Finance Ministry

-

 

(Dr. Alhassan Iddrisu)

Dr. Alhassan Iddrisu, the Director of Economic Strategy and Research at the Ministry of Finance has revealed that significant pressure is building on Ghana's bilateral creditors to support the external debt restructuring plan, citing Ghana's fulfillment of all necessary requirements for an agreement to be achieved.

READ ALSO: Bill On Business Regulatory Reform To Be Presented Before Parliament - Trade Minister

Speaking at the PwC 2024 Budget Digest, Dr. Iddrisu emphasized that Ghana has diligently met its obligations and is now awaiting action from its external creditors. He underscored that the formulation of the 2024 budget was based on the ongoing economic program in collaboration with the International Monetary Fund (IMF).

He noted, "When you look at the agreement, we’ve made some progress with the official bilateral creditors on the MoU [Memorandum of Understanding] we had earlier with the Fund. We have met all the obligations as a country".


Shop With Us: https://www.etsy.com/shop/SokoMalls


Dr. Iddrisu further elucidated, "The 2024 Budget has been prepared on the back of the IMF program. We have been able to stabilize the currency depreciation and we can see a slowdown in inflation, which are all part of the obligations. Therefore, there is a lot of pressure on the creditors to fulfill their part of the obligation so we get the MOU for the next stage, which is the disbursement".

READ ALSO: Majority Leader Urges Government To Consider Public Sector Rationalization

The statement comes ahead of the anticipated meeting of the Executive Board of the International Monetary Fund in December, where approval is expected for the release of $600 million as the second tranche of funds under its economic support program.

The disclosed pressure on Ghana's bilateral creditors reflects the country's earnest efforts to secure the necessary backing for its economic recovery initiatives, signaling significant strides in meeting its obligations and setting the stage for further collaborative endeavors with the IMF and other international partners.

Follow Us On Facebook: https://web.facebook.com/bfmnetwork


Comments

Post a Comment

Popular posts from this blog

Taxes Now Serve as Punishment to Businesses - Mark Badu-Aboagye

-
Image
The Ghana Chamber of Commerce and Industry's CEO, Mark Badu-Aboagye, has expressed grave concerns about the growing burden of direct and indirect taxes placed on the country's enterprises.  During an open discussion on JoyNews' PM Express, Mr. Badu-Aboagye brought attention to the mounting difficulties that businesses are facing in light of rising expenses and financial commitments, especially with regard to tax responsibilities. Related To This: Akufo-Addo's Imposed Tax Policies Will Make The Next President Suffer - Franklin Cudjoe Mr. Badu-Aboagye expressed his dismay and emphasized the unsettling consequences of the existing tax structure, describing it as harsh and onerous for companies aiming for expansion and sustainability.  He underlined, saying, "I believe that rather than helping businesses, our taxes now serve as a punishment to them. This is because they expect you to pay, but we are unable to. They are beating us but they are telling us to keep quiet.&
Read more

GJA Calls For Media Blacklist on Yendi MP for Allegedly Assaulting Journalist

-
Image
In response to allegations of assault against Mohammed Aminu M. Alabira, the Northern Regional Correspondent for Citi TV, the Ghana Journalists Association (GJA) has called for a national media boycott of Farouk Aliu Mahama, the Member of Parliament for Yendi. Important industry actors have endorsed the GJA's directive: the Media Foundation for West Africa (MFWA), the Private Newspaper Publishers Association of Ghana (PRINPAG), and the Ghana Independent Broadcasters Association (GIBA). Related To This: Hawa Koomson Threatens to Sue GJA President Over Assault Allegations The coalition asked all media outlets to uphold Farouk Aliu Mahama's blacklisting till further notice during a joint press conference on Tuesday, February 6. The media professionals were put at serious risk due to the MP's purported connections to those who could potentially pose a threat to journalists. The groups emphasized, "All media houses must refrain from providing any coverage, interviews, or a
Read more

Use Emission Tax Funds to Support EPA - Professor Kofi Amegah

-
Image
The University of Cape Coast's renowned environmental and nutritional epidemiology lecturer, Professor Kofi Amegah, has suggested that money from emission levies be used to support environmental protection organizations.  During his February 1 appearance on The Pulse on JoyNews, Professor Amegah emphasized how vital it is to improve the Environmental Protection Agency's (EPA) capacity to efficiently track pollution levels and strengthen environmental conservation measures. Related To This: Implementation of Emissions Levy Act Commences Today Professor Amegah emphasized the need to reallocate a portion of the proceeds from the emission tax in order to relieve the EPA's budgetary constraints, given its limited resources. He highlighted that such support would enable the acquisition of reference-based monitors, which, when installed in urban areas, can furnish essential data vital for formulating effective air pollution control policies. Additionally, the resulting data would
Read more