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Strictly adhere to bailout programme – IMF advises Ghana
The International Monetary Fund (IMF) is urging Ghana not to deviate from the course of its fund programme to ensure that the country reaps the full benefits of the ongoing bailout package.
The Fund requires effective implementation of structural reforms following the release of the $600 million second tranche and at a time when the government is said to be considering engagements with the IMF for a consensus on the anticipated revenue shortfall over the planned suspension of the VAT on electricity.
But the IMF insists that Ghana adheres to the agreed-upon austerity measures in order to manage its way out of the economic crisis.
“What I can say is that going forward, it would be really, really important that Ghana continues to implement the program that they have developed as envisaged. That is really critical. These programs are designed to be implemented over three, four years. And it is important that Ghana sticks to the course and sees the program being implemented over the next three years,” says Abebe Selassie, Director of the African Department at the IMF, who has been speaking about Ghana’s program in Washington, DC.
In late January, the Bank of Ghana acknowledged receipt of US$600 million as the second tranche for budget support and stabilization of the local currency, bringing the total to US$ 1.2 billion out of the $3 billion approved under the three-year extended credit facility in May 2022.
The IMF has stated that Ghana is performing well under the program, with reforms bearing fruit and signs of economic stabilization emerging.
“Ghana’s program is being implemented effectively. We just went to the board recently with the first program review following, of course, the policies that the government has been putting in place to address the huge imbalances Ghana was facing through last year. And of course, the official creditors are signaling that they will provide debt relief, consistent with what Ghana needs. So, we just went to the Board a couple of weeks ago. We look forward to continuing to support Ghana, consistent with program implementation,” Abebe Selassie added.
Ghana’s next IMF program review is scheduled for June 2024 for the third tranche of approximately US$ 360 million.
Source: Citinewsroom.com
Ghana’s First Lady, Lordina Mahama, has made a generous donation to the country’s national female Under-17 and Under-20 teams – Black Maidens and Black Princesses- as they continue preparations for major international assignments.
The donation, made on Friday, May 22, was presented on behalf of the First Lady by the Minister for Gender, Children and Social Protection, Agnes Naa Momo Lartey, at the GFA Technical Centre in Prampram.
The gesture forms part of efforts to motivate and support Ghana’s young female footballers as they prepare to represent the country on the international stage.
The donation included essential food items and toiletries aimed at supporting the welfare and well-being of the players and technical teams.
The donation included cartons of Milo, T-rolls, soft drinks, toiletries, and a range of essential supplies aimed at supporting the welfare of the players, enhancing camp conditions, and easing preparations ahead of their respective assignments.
The Black Maidens are currently engaged in preparations for the FIFA U-17 Women’s World Cup qualifiers and are set to take on Liberia women’s national under-17 football team in the second-leg encounter in Liberia this weekend.
Meanwhile, the Black Princesses have already secured qualification to the FIFA U-20 Women’s World Cup after overcoming Uganda in the qualifiers, extending Ghana’s remarkable record to eight consecutive appearances at the tournament.
The donation by the First Lady was expected to boost morale within both camps while reinforcing national support for the young female footballers who continue to make the country proud.
The prosecution has officially rested its case in The Republic v Solomon Asamoah & Another, the high-profile legal battle commonly referred to as the “Sky Train” case.
The Deputy Attorney General Justice Srem Sai announced the development, praising the state’s team of hard-working prosecutors for successfully anchoring the state’s evidence before the High Court.
The criminal trial centers on the former Chief Executive Officer and the former Board Chairman of the Ghana Infrastructure Investment Fund (GIIF).
The duo stands accused of illegally authorizing and paying out US$2 million to a foreign company without obtaining board directives or other mandatory statutory approvals.
State investigators have confirmed that the disbursed millions cannot be found.
Following the closure of the prosecution’s case, the accused persons moved the court for an opportunity to file a submission of no case.
The presiding judge granted the application, ordering the defense to submit their arguments by June 8.
The outcome of the June 8 filings will decide the fate of the trial:
With this, if the judge finds the defense’s submission convincing, the accused will be acquitted and discharged however, If the judge dismisses the submission, the court will order the accused officials to take the stand and explain why they should not face prison sentences.
By Edem Mensah-Tsotorme
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