ADVERTISEMENT
  • Contact Us
  • security
  • About Us
  • social
  • Celebrity
  • Privacy Policy
  • Contact Developer
  • Livescore
Sunday, June 4, 2023
FacetvNews
  • Login
  • Register
  • Home
  • world news
  • Online Radio
  • Ghana News
  • Africa News
  • Music
  • Videos
  • Entertainment
  • Religion
  • Fixtures & Standings
  • Livescore
  • Home
  • world news
  • Online Radio
  • Ghana News
  • Africa News
  • Music
  • Videos
  • Entertainment
  • Religion
  • Fixtures & Standings
  • Livescore
No Result
View All Result
Morning News
No Result
View All Result
ADVERTISEMENT
Home Government Ghana

An IMF deal is just the first stage in resolving Ghana’s crisis – Quartz

Facetvnews by Facetvnews
November 18, 2022
in Ghana, Latest news
0
An IMF deal is just the first stage in resolving Ghana’s crisis – Quartz
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter
ADVERTISEMENT

“We are in a crisis. I do not exaggerate when I say so,” Nana Akufo-Addo, the president of Ghana, said in a televised address on Oct. 30.
A beacon of fast growth in sub-Saharan Africa within the last half decade, Ghana has experienced a tough year in which households and businesses have been faced with rapidly rising prices and a weakening currency. In his address, Akufo-Addo acknowledged the difficult choices many in the country have had to make though he ascribed the origins to “so many malevolent forces [that] have come together at the same time.”
That’s a reference to the covid-19 pandemic and geopolitical tensions elsewhere. But Ghana’s problems have also been attributed to internal factors including the government’s dollar-buying spree that aggravated the cedi’s devaluation.
Ghana needs to find answers to the problems those forces have unleashed. As the president said, even the $3 billion in aid expected from the IMF won’t be a silver bullet to Ghana’s deepest problems.
Akufo-Addo said Ghana’s appeal to the IMF is to fund the repair of the country’s short term problems with public finances and for restoring its balance of payments. Ghana hopes to reach the deal by the end of the year and the money will help fund the country’s 2023 budget and post-covid recovery programs, he said.
That would provide the platform for tackling “long term structural changes that are at the heart of our goal of constructing a resilient, robust Ghanaian economy and building a Ghana beyond aid.” Some of those structural needs include better infrastructure, especially healthcare and investments in education.
Ghana has borrowed to fund its development projects, with external debt at $28 billion as at the end of June this year. Akufo-Addo complained that the country was not making as much money as it needed to spend on projects. “What little money we do make is going to pay for the debts we have contracted to fund the development projects we must have.” He promised there would be no haircuts on the eurobonds the country has issued.
But while desperate to fix macroeconomic problems, Ghana’s president did not mind complaining about traders slapping high margins on goods for fear of future higher costs. “We are in this together… keep an eye out for the greater good,” he pleaded.
“We can and will find the means to achieve these goals, even if the immediate measures we have to take are painful.”
Keep up with developments and emerging industries in Africa.

source

READ ALSO

An outgrowth of the regional maritime university.

Gabby sues Frimpong-Boateng for defamation, demands GH¢10m damages over allegations in galamsey report

Share this:

  • Twitter
  • Facebook

Like this:

Like Loading...

Related

Tags: @facetvnews

Related Posts

Education

An outgrowth of the regional maritime university.

May 9, 2023
59
Gabby sues Frimpong-Boateng for defamation
Politics

Gabby sues Frimpong-Boateng for defamation, demands GH¢10m damages over allegations in galamsey report

Family demands justice for woman shot by ‘boyfriend’
Crime & Punishment

Family demands justice for woman shot by ‘boyfriend’

April 24, 2023
2
drum
Africa

Ban on Drum and Noise Making in Tema

April 21, 2023 - Updated on April 24, 2023
30
Treat tuberculosis as you treat HIV/AIDS – Nabdam MP urges government
Health

Treat tuberculosis as you treat HIV/AIDS – Nabdam MP urges government

March 26, 2023
0
blood sugar
Featured

Manage Blood Sugar

March 17, 2023 - Updated on March 18, 2023
3
Next Post
Opinion: Charlton Athletic need to remain patient with Ben Garner – Football League World

Opinion: Charlton Athletic need to remain patient with Ben Garner - Football League World

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

POPULAR NEWS

Meet the great chef from Zimbabwe who has been around the world

Meet the great chef from Zimbabwe who has been around the world

December 12, 2022 - Updated on December 13, 2022
262
The young Ghanaian woman who became CEO at a tender age.

The young Ghanaian woman who became CEO at a tender age.

December 15, 2022
205
Johnny Baron in Ghana to celebrate the holidays

Johnny Baron in Ghana to celebrate the holidays

Meet the young vibrant Ghanaian dancehall artiste making waves in Accra Ghana.

Meet the young vibrant Ghanaian dancehall artiste making waves in Accra Ghana.

January 5, 2023 - Updated on January 9, 2023
95
Meet Beebu a talented Nigerian popular Yoruba musician 

Meet Beebu a talented Nigerian popular Yoruba musician 

January 5, 2023 - Updated on January 9, 2023
72
ADVERTISEMENT

EDITOR'S PICK

E-commerce platform Ishtari Ghana announces its brand to Ghanaians – Myjoyonline

October 21, 2022
0

Russia-Ukraine war latest updates – The Washington Post

October 25, 2022
0
Mahama joins Togbi Sri for Hogbe Za – BusinessGhana

Mahama joins Togbi Sri for Hogbe Za – BusinessGhana

November 8, 2022
0
New Video DRESS LIKE AN AFRICAN PICO SHANTI OFFICIAL VIDEO

New Video DRESS LIKE AN AFRICAN PICO SHANTI OFFICIAL VIDEO

About

Facetvnews

News $ Entertainment

We bring you the best new and entertainment, etc. Check our landing page for details. Download the app

Follow us

Categories

Recent Posts

  • IMF Approves US$3 Billion Loan for Ghana to Support Economic Reforms
  • New Transport Fares Implemented in Ghana
  • Torrential Rainfall Causes Flooding and Disruption in Accra
  • Former President Mahama Expresses Intent to Appoint Few Ministers in New Government
  • NDC Primaries 2023
  • Fixtures & Standings
  • Livescore
  • Contact Developer
  • Contact Us
  • Online Radio

© 2022 FactvNews -all rights reserved | Powered by Mcperry Imaginations.

No Result
View All Result
  • Homepages
    • Home Page 1
  • Politics
  • National
  • Business
  • Entertainment
  • Health
  • Lifestyle
  • Opinion
  • Science

© 2022 FactvNews -all rights reserved | Powered by Mcperry Imaginations.

Welcome Back!

Sign In with Facebook
Sign In with Google
Sign In with Linked In
OR

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Sign Up with Facebook
Sign Up with Google
Sign Up with Linked In
OR

Fill the forms below to register

*By registering into our website, you agree to the Terms & Conditions and Privacy Policy.
All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
%d bloggers like this: