Bussiness
Ghana need IMF badly, return to Fund will improve government’s fiscal position – Deloitte
Auditing and accounting firm, Deloitte Ghana, has indicated that Ghana’s return to the IMF is expected to improve the government’s fiscal situation and re-instill investor confidence.
It therefore says the government need the Fund’s programme badly.
“Based on history, the fund may require government to improve revenue which may be in the form of new taxes, which is likely to worsen the plight of Ghanaians especially within this current economic climate”, it stated in its review of the 2023 Budget.
Some conditionalities may require government to implement expenditure cutting measures including halting new employment and ongoing & new capital projects in the public sector.
This, it said has the effect of curtailing government’s ability to create jobs, which will further worsen the plight of the theming unemployed youth, if not properly managed.
Deloitte Ghana further said that the IMF programme is expected to increase the country’s foreign currency reserves and help stabilise the value of the local currency, thereby reducing imported inflation.
In addition, it pointed out that the policy credibility and the boost in investor confidence
associated with the programme is likely to reopen the international capital market
to Ghana under more favourable conditions going forward.
In July 2022, the government commenced engagement the IMF in a bid to secure funding and support to alleviate the current economic challenges the country is facing.
The government has since held two rounds of negotiations with the IMF and the third round of negotiations is expected to be held before the end of the year.
The first round of negotiations focused on a preliminary fiscal adjustment path
debt strategy; and financing required for the programme in line with Post- COVID-19 Programme for Economic Growth (PC-PEG).
The second round was centered on fiscal consolidation path Debt Sustainability Analysis (DSA) and debt management strategy.
The final one will be hinged on structural reform benchmarks, prior actions, performance criteria on key macro-fiscal indicators among others.
Source: Joy Business
Ghanaian dancehall artiste Charles Nii Armah Mensah, known as Shatta Wale, has won two awards at the 43rd International Reggae and World Music Awards (IRAWMA) held in Florida over the weekend.
He picked up the Best African Dancehall Entertainer award as well as Concert of the Year for ShattaFest.
In a statement, Shatta Wale’s management expressed appreciation to the organisers and supporters of the awards.
“Management would like to sincerely appreciate the organisers of the IRAWMA awards for the recognition and continuous support for African music on the global stage.
“We also extend our deepest gratitude to fans across the world, especially the Shatta Movement fraternity, for their unwavering support, votes, and dedication throughout the years,” the statement said.
The statement added that the latest wins reaffirm the artiste’s position as one of Africa’s leading musical exports and a prominent figure in global dancehall culture.
The awards bring Shatta Wale’s total haul at the IRAWMA to 11, highlighting his continued presence on the international reggae and dancehall scene.
At last year’s edition, he won three awards: Best African Dancehall Entertainer, Best Music Video for “Killa Ji Mi”, and Best Crossover Song for “Commando” featuring Bounty Killer. -GNA
Bussiness
Global Market Volatility: Gov’t absorb GH¢2.00 per litre on diesel and GH¢0.36 per litre on petrol
Effective Thursday, April 16, 2026, which is the next pricing window, the Government will absorb GH¢2.00 per litre on diesel and GH¢ 0.36 per litre on petrol.
This intervention is intended to cushion customers and ease the cost burden on households, transport operators, and businesses.
The measure, approved by Cabinet, is in response to rising prices of petroleum products on the international market, which have significantly impacted ex-pump prices in Ghana.
This temporary intervention will remain in force for a period of one (1) month.
During this period government will continue to closely monitor developments in the global oil market and assess the need for further policy adjustments.
A statement signed by Minister of Government Communications, Felix Ofosu Kwakye noted that they remain commited to maintaining price stability, protecting livelihoods, and supporting Ghana’s economic recovery in the face of external shocks.
