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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 Communicator , Dr Sammy Ayeh, has defended the decision to recall Ghana’s High Commissioner to Nigeria, Mohammed Baba Jamal, amid public debate over alleged vote buying issues linked to the Ayawaso contest.
Dr Ayeh dismissed suggestions that the recall should be compared to the case of Hajia Amina Adam, who has been mentioned by some commentators as a government appointee.
He argued that the comparison does not hold because the two roles are not the same.
He questioned claims that Hajia Amina Adam serves on three boards, stating that only the Hajj Board has been publicly identified.
He indicated that there was no clear evidence to support assertions that she holds multiple board positions.
According to Dr Ayeh, Baba Jamal’s former position as High Commissioner carried a different level of responsibility.
He explained that a high commissioner represents the President and Ghana’s image abroad, which he described as distinct from board membership.
He maintained that the recall should therefore not be interpreted as unfair or inconsistent treatment.
In his view, the nature of Baba Jamal’s diplomatic role justified separate consideration.
By: Jacob Aggrey
Former President of Ghana, Nana Addo Dankwa Akufo Addo, has expressed optimism about Bangladesh’s democratic process as the country prepares for its elections.
Mr Akufo Addo, who is serving as Chairperson of the Commonwealth Observer Group in Bangladesh, noted that the polls present an opportunity for the people of Bangladesh to mark a new phase in their democratic journey.
He described the moment as significant for the country’s political future.
He expressed hope that the elections would be conducted peacefully across the country. According to him, a calm and orderly process would reflect the commitment of citizens to democratic values.
Mr Akufo Addo indicated that he would welcome an atmosphere of enthusiasm and unity during the exercise.
He referred to comments suggesting the possibility of a festive election and stated that such an environment would be encouraging.
In his view, a successful and peaceful election would send a strong message to the international community, particularly within South Asia and Southeast Asia.
He emphasized that it would demonstrate Bangladesh’s determination to pursue a democratic future.
The Commonwealth Observer Group is in Bangladesh to monitor the electoral process and assess its credibility, transparency, and adherence to democratic standards.
By: Jacob Aggrey
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