Commit to Bailout Program Rules - IMF to Ghana

-

The International Monetary Fund (IMF) has reiterated the critical importance of Ghana's steadfast dedication to its bailout program to fully harness its benefits and steer the nation towards economic stability.

The Bretton Woods Institution has stated the necessity of effectively implementing structural reforms, particularly after the disbursement of the second $600 million tranche to the Ghanaian government. This highlights the significance of adhering to agreed-upon measures to optimize the outcomes of the financial assistance program.

Related To This: Use $600 Million IMF Bailout Wisely - John Mahama To Gov't

Despite Ghana's recent discussions with the IMF regarding projected revenue shortfalls due to the proposed suspension of the VAT on electricity—an idea facing resistance from the Trades Union Congress (TUC)—the IMF's Director of the African Department, Abebe Selassie, has emphasized the crucial nature of strict adherence to austerity measures as a means to combat the economic challenges faced by the country.


Selassie stressed the importance of continuity, mentioning that Ghana's adherence to the program's timeline and objectives is paramount for its economic well-being. He highlighted that these programs are designed to unfold over several years, requiring steadfast commitment to see them through.

The IMF Director commended Ghana for its positive strides within the program, noting that the reforms are yielding tangible results and signaling improvements in economic stability. The recent successful board review, along with commitments from official creditors for debt relief, indicates a positive trajectory for Ghana's economic recovery.

Related To This: Free SHS Will be Reviewed - Gov't to IMF

In late January, the Bank of Ghana confirmed the receipt of the $600 million second tranche, bringing the total disbursement to $1.2 billion out of the approved $3 billion under the extended credit facility sanctioned in May 2022. The forthcoming IMF program review scheduled for June 2024 aims to secure the third tranche of approximately $360 million, highlighting the ongoing support and collaboration between Ghana and the IMF.

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

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