As the government prepares to commence talks with the International Monetary Fund (IMF) for a bailout program, former Finance Minister Seth Terkper has charged government to candidly assess the sustainability of programs like the Free Senior High School Policy. According to him, some of the flagship programs are a drain on governments’ resources. The announcement of plans to commence formal engagements with the International Monetary Fund (IMF), for the Bretton Woods institution, to provide a balance of payment support as part of a broader effort to quicken Ghana’s build back in the face of challenges induced by the Covid-19 pandemic...
Govt’s decision to seek IMF support justified – Oppong Nkrumah
Government says its ‘primary reason’ for Ghana’s return to the International Monetary Fund (IMF) is the COVID-19 pandemic and the Russia-Ukraine war. It maintains that efforts by the government to put the ailing economy back on track immediately after it assumed office were hampered by what it describes as the twin crisis [Covid and Russia-Ukraine war]. Minister responsible for Information, Kojo Oppong Nkrumah while speaking on the Citi Breakfast Show on Monday, said the country’s decision to fall back on the Bretton Woods institution for a bailout is justified. “COVID-19 is the primary reason. It was a global challenge…the twin crisis [also affected...
Ofori-Atta’s adamancy cause of Ghana’s late IMF talks – Terkper
Former Finance Minister, Seth Terkper says Ghana is going to the IMF a little too late, especially when, from all indications, it was clear that the economy was headed for more difficult times. He said Finance Minister Ken Ofori-Atta’s adamancy must be blamed for Ghana’s unnecessary delay to engage the IMF for a bailout. Speaking in a Citi News interview, Mr. Terkper said, “if you read the MPC reports, it kept pointing to the fiscal deterioration using points of policy credibility. The last straw was our downgrade from B category to C. If this was not alarming enough to authorities, then what...
Nigeria lost $1 billion in Q1 revenue to crude oil theft
Nigeria lost $1 billion in revenue during the first quarter of this year due to crude oil theft, the petroleum regulator said on Friday, warning the practise was a threat to the economy of Africa’s top producer. Nigeria loses millions of barrels of crude oil a year because of theft and vandalism including tapping of crude from a maze of pipelines owned by oil majors, underscoring how poor security causes vast financial losses for the country. Gbenga Komolafe, the head of the Nigerian Upstream Petroleum Regulatory Commission, said of the 141 million barrels of oil produced in the first quarter...
Ibn Chambas withdraws as ECOWAS envoy to Guinea
Special Envoy of the Economic Community of West African States (ECOWAS) to Guinea, Dr. Mohammed Ibn Chambas has communicated his intention to withdraw as a mediator to the West African State. Guinea, whose junta has refused an ECOWAS mediator announced a 36-month transition period and has conditioned any dialogue towards a successful transfer of power to a constitutionally recognized head of state on the appointment of another ECOWAS mediator. Speaking to journalists on the sidelines of the 61st Ordinary Session of the Authority of ECOWAS Heads of State and Government on Sunday, July 3, 2022, in Accra, Dr. Ibn Chambas...
Umaro Embalo elected new ECOWAS chair
Guinea Bissau President Umaro Embalo has been elected new chair of the ECOWAS for the next one year. He was elected at Sunday’s Summit [3 July 2022] to succeed Ghana’s President Nana Akufo-Addo, who held the position for almost two years. Gambia’s Omar Alieu Touray was also introduced as the new President of the ECOWAS Commission replacing Cote d’Ivoire’s Jean-Claude Kassi Brou, who has served a four-year mandate with an extension of three months and 10 days ending 10th July. Brou assumes office as Governor of the Central Bank of West African States, BCEAO on Monday. Touray heads a seven-member...
IMF officials to meet Government on Wednesday
The Government will on Wednesday, July 6, 2022, officially begin talks with the officials of the International Monetary Fund (IMF) to help salvage Ghana’s failing economy. However, the kind of policy and economic assistance the Government of Ghana will be seeking from the IMF to help save the economy from further decline is unclear. But the President, Nana Addo Dankwa Akufo-Addo last Friday, July 1, 2022 directed the Minister for Finance, Ken Ofori Atta, to begin talks with the IMF. A letter signed by the Information Minister, Kojo Oppong Nkrumah, and dated July 1st, 2022 indicates that there had already...
Pursuing IMF bailout ‘tragic mistake’ – TUC to gov’t
The Trades Union Congress (TUC) has described the government’s decision to seek an economic bailout from the International Monetary Fund (IMF) as a “tragic mistake and a sad one for Ghana.” According to the TUC, this will be the 18th time the country’s economy will be handed over to the IMF to manage and, thus, gives a clear indication that “we cannot manage our affairs.” President Akufo-Addo recently directed Finance Minister Ken Ofori-Atta to begin talks with the IMF for a bailout. The economy has been in rough waters for some time now. Fuel prices keep rising, the cedi keeps...
Ghana School Feeding probes viral unappetizing ‘soup’ video
Managers of the Ghana School Feeding Programme (GSFP) say they have started serious background checks to establish the source of a viral video in which a number of school children are served what appears to be innutritious dish. The GSFP says it has also directed all its 16 Regional Coordinators to do their independent checks on the matter. The video has been making the rounds on various social media platforms this week, and although the setting appears not to be Ghanaian, the GSFP says it nonetheless intends to clear all doubts about its source and why the discouraging scene that...
President Akufo – Addo has authorized an IMF bailout Move
President Nana Addo Dankwa Akufo-Addo, has authorized Finance Minister, Ken Ofori-Atta to commence formal engagements with the International Monetary Fund (IMF), inviting the Fund to support an economic program put together by the government of Ghana. A statement issued by the Ministry of Information stated that the move comes after a telephone conversation between the President and the IMF Managing Director, Miss Kristalina Georgieva, conveying Ghana’s decision to engage with the Fund. “At a meeting on June 30th, 2022, cabinet indicated its support for the decision,” the statement said. The statement also explained that the engagement with IMF will provide ...