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IMF reaches staff-level agreement with Ghana for $360m fourth tranche
The International Monetary Fund (IMF) and Ghana have reached a staff-level agreement on the third review of Ghana’s US$ 3 billion extended credit facility.
It follows the conclusion of a two-week assessment of the country’s fiscal data by a mission staff from the Fund. The review saw the team assessing Ghana’s performance per targets and structural benchmarks as at end of June 2024.
The staff-level agreement was reached after what the Fund described as “programme performance has been generally satisfactory, with remarkable progress on debt restructuring.”
It is however subject to the approval of the IMF Board for the fourth tranche of US$360 million. This tranche if approved will bring Ghana’s total disbursements to US$ 1.92 billion dollars.
“The IMF staff and Ghanaian authorities have reached a staff-level agreement on the third review of Ghana’s economic program under the Extended Credit Facility arrangement,” Stéphane Roudet, IMF mission staff to Ghana told the media on Friday.
“Performance under the IMF-supported program has been generally satisfactory. All end-June 2024 quantitative targets were met, and progress on key structural reforms has continued notwithstanding delays in a few areas. The authorities’ policy and reform efforts under the program have continued to deliver encouraging results,” he added.
Ghana recently achieved a 98% participation and consent solicitation from Eurobond holders in the restructuring of the country’s external debt.
Ghana has made remarkable progress on its public debt restructuring. After successfully restructuring domestic debt last year and reaching agreement on a Memorandum of Understanding with Ghana’s Official Creditors Committee (OCC) under the G20 Common Framework in June.
The government has just announced the successful completion of the consent solicitation to restructure its Eurobonds, with the exchange planned to take place in the coming weeks.
The authorities are committed to pursuing good-faith efforts to reach an agreement with other commercial external creditors on a debt treatment consistent with programme parameters and the comparability of treatment principles.
Source: Citinewsroom.com
Government has inaugurated a Technical Committee to drive the implementation of the Accra Marine Drive Tourism Investment Project, a key initiative aimed at transforming the capital’s waterfront into a world-class tourism and commercial hub.
Minister for Tourism, Culture and Creative Arts, Abla Dzifa Gomashie, described the move as a critical step to accelerate progress, stressing the need for efficiency, collaboration, and accountability.
The Committee, chaired by Deputy Minister Yussif Issaka Jajah, will coordinate stakeholders, address bottlenecks, and ensure timely delivery of the project.
The initiative is expected to boost tourism, create jobs, and stimulate economic growth, reinforcing Ghana’s commitment to sustainable development.
The Ghana National Fire Service (GNFS) has stepped up its fire safety education efforts in Suhum Municipality and Abetifi Odwenease as part of ongoing campaigns to prevent fire outbreaks and improve emergency readiness.
In Suhum, fire officers engaged traders and customers, educating them on handling LPG leakages, proper use of fire extinguishers, and general shop safety practices. Meanwhile, the Kwahu East Command extended outreach in Abetifi Odwenease, visiting homes, drinking spots, construction sites, and stores to promote safe handling of flammable materials, proper electrical usage, and correct gas cylinder placement.
Practical demonstrations on fire extinguisher use were conducted, and residents were encouraged to adopt good housekeeping habits and proactive safety measures to reduce fire risks and protect lives and property.
