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Ghana To Receive 1st Tranche of US$600 mln IMF Bailout This Week
The first tranche of the International Monetary Fund (IMF) cash to support the country’s balance of payment is expected to be credited to the Bank of Ghana’s account this week. Joy Business is learning that the IMF Board will approve the “cash disbursement” as soon as it considers a request for Ghana’s Programme this Wednesday, May 17, 2023. Part of the first tranche will come in by Friday May…
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Ghana Becomes The Most Indebted African Country To IMF
Ghana is the most indebted African country to the International Monetary Fund though the country’s debt to the Fund was unchanged at $1.70bn in January 2023. According to the Fund’s Quarterly Finances ending January 31, 2023, Ghana’s outstanding loans to the International Monetary Fund stood at 1.278 billion Special Drawing Rights (SDR 1.278 billion) at the end of January 2023, equivalent to…
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Fitch Downgrades Ghana’s Creditworthiness To ‘Restricted Default’ From “C”
International ratings agency, Fitch Ratings, has downgraded Ghana’s creditworthiness to further junk status. In its latest report on Ghana, it said “Fitch Ratings downgraded Ghana’s Long-Term Local Currency (LC) Issuer Default Rating (IDR) to Restricted Default (RD) from ‘C’.” It attributed the downgrade to the decision by government to embark on the debt exchange programme and the recent…
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Ghana's Balance Of Payments Deficit Worsens To US$3.64 bln
Ghana’s balance of payments further deteriorated to a deficit of $3.64 billion in December from a $3.4 billion deficit the previous quarter, central bank data showed on Saturday. The West African nation is facing an economic crisis that saw consumer inflationrise to 54.1% last month. The cedi currency has depreciated around 50% annually, and interest payments on government debt have swelled to…
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Ghana’s Public Dept Stands At GH¢575.7 bln (U$46.3 bln) – BoG
Ghana’s public debt stock stood at ¢575.7 billion at the end of November 2022, about 93.5% of Gross Domestic Product, the Bank of Ghana’s January 2023 Summary of Economic and Financial Data has disclosed The debt stock increased by ¢108.3 billion between September and November 2021, indicating that the country’s debt was unsustainable. This triggered a debt restructuring in which the Domestic…
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IMF Increases Interest Rate On SDR To 2.99%; Ghana to Pay More For Fund-backed Loans
IMF Increases Interest Rate On SDR To 2.99%; Ghana to Pay More For Fund-backed Loans
Ghana and other countries seeking loan from the International Monetary Fund (IMF) will pay additional lending rate, as the Bretton Wood institution has increased the yield on its Special Drawing Rights (SDR) by some 210 basis points (2.1%). This took effect on January 6, 2022. Now, the rate of interest on SDR stands at 2.999%, from the previous 0.89%. One US dollar is also equivalent to…
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20-Year Review Of Judgement Debt Payments In Ghana— Impact, Causes, Remedies (III)
20-Year Review Of Judgement Debt Payments In Ghana— Impact, Causes, Remedies (III)
• In this section, we highlight selected cases of judgment debts to illustrate the extent to which negligence, blatant disregard for public procurement laws, and illegal abrogation of contracts by public officials in their line of duty leads to judgment debt awards against the State and results in the payment of huge sums from the public coffers. • Judgment debt payments due to contractual…
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Ghana’s Debt Stock Hits GH¢402.4 bln (US$37 bln) As At October, 2022
Ghana’s Debt Stock Hits GH¢402.4 bln (US$37 bln) As At October, 2022
Ghana’s public debt stock as of July 2022, hit ¢402.4 billion, according to the Bank of Ghana’s October 2022 Summary of Economic and Financial Data. The debt rose by ¢9 billion. The total debt represents 68% of the Gross Domestic Product. The World Bank had projected a debt-to-debt ratio of 104.6% by the end of 2022, in its latest Africa Pulse Report, in which it classified Ghana as a highly…
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