ADVERTISEMENT
  • Contact Us
  • security
  • About Us
  • social
  • Celebrity
  • Privacy Policy
  • Contact Developer
  • Livescore
Thursday, March 23, 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

Ghana to make U-turn and ask IMF for help for its economy

Economic Hardships in Ghana

Facetvnews by Facetvnews
July 2, 2022
in Ghana, Government
0
1
SHARES
0
VIEWS
Share on FacebookShare on Twitter
ADVERTISEMENT

READ ALSO

Kejetia market shut down after fire outbreak

Fuel prices fall by 6% per litre; petrol sells for ¢12.95 and diesel for ¢13.49

Until now, Ghana had refused to seek IMF support to rescue an economy crippled by the pandemic, rampant inflation and a depreciating currency.

Ghana President Nana Addo Dankwa Akufo-Addo
Ghana President Nana Addo Dankwa Akufo-Addo arrives to vote at a polling station in Accra, Ghana, Monday, December 7, 2020 [File: Ofoe Amegavie/AP Photo]
Published On 1 Jul 20221 Jul 2022

Ghana, one of West Africa’s largest economies, will hold formal talks with the International Monetary Fund (IMF) on a support package, the government has said, only days after hundreds took to the streets protesting mounting hardship.

The cabinet gave its support for the decision at a meeting on Thursday, following a phone conversation between President Nana Akufo-Addo and IMF Managing Director Kristalina Georgieva.

Until now, Ghana, the continent’s second-biggest gold producer, had refused to seek IMF support to rescue an economy crippled by the pandemic, rampant inflation and a depreciating currency, despite analysts warning it is close to a debt crisis.

The IMF did not immediately respond to a request for comment.

Analysts said the decision should help Ghana deal with its challenges.

“Positive news – given the succession of external shocks, and the increasing challenges for Ghana’s economy,” tweeted Razia Khan, chief economist for Africa and the Middle East at Standard Chartered.

This decision was almost inevitable, given the worsening economic situation and the threat of a balance of payments crisis due to the deteriorating external environment,” said Leslie Dwight Mensah, Economist and Research Fellow at the Institute for Fiscal Studies in Accra.

“The first gain for Ghana will be improved international confidence in the country’s capacity and efforts to weather the crisis.”

Ghana’s dollar-denominated sovereign bonds rallied sharply with issues up maturing in 2026 and 2027 jumping nearly five cents in the dollar to trade at their highest level since May.

Central bank governor Ernest Addison said in May that Ghana faced an overall balance of payments deficit of $934.5m in the first quarter of 2022, compared with $429.9m in the same period last year.

Hundreds took to the streets in Ghana’s capital Accra for two days this week to protest against spiralling inflation and other woes. Growth slowed to 3.3 percent year-on-year in the first quarter of 2022 and inflation hit a record of 27.6 percent in May.

The central bank raised its main interest rate by 200 basis points to 19 percent last month, the second rise this year to buttress macroeconomic stability.

SOURCE: REUTERS
Read : More on Ghana’s economy.

 

The Review

Ghana turns to IMF

The NPP lead Government has taken up to the IMF for economic sipport.

Share this:

  • Twitter
  • Facebook

Like this:

Like Loading...
Source: Routers
Tags: Fix the countryIMF

Related Posts

Kejetia market shut down after fire outbreak
Government

Kejetia market shut down after fire outbreak

March 16, 2023
0
Fuel
economy

Fuel prices fall by 6% per litre; petrol sells for ¢12.95 and diesel for ¢13.49

Russian fighter jet strikes US drone over Black Sea, causing it to crash
Russia-Ukraine Crises

Russian fighter jet strikes US drone over Black Sea, causing it to crash

March 14, 2023
3
Politics

I never gave Fred Nuamah my blessings to contest Ayawaso West, this is a betrayal – John Dumelo

March 13, 2023
1
soldier_killed
Crime & Punishment

Soldier killed minutes after leaving female friend’s house after midnight, Meet 6 suspects arrested in connection with killing

March 13, 2023
1
Ukraine live briefing: Russia suffering heavy losses in Bakhmut, Zelensky says
Russia-Ukraine Crises

Ukraine live briefing: Russia suffering heavy losses in Bakhmut, Zelensky says

March 13, 2023
3
Next Post

A group of volunteers dug deep in the dense eastern Ukrainian forest prepares to fight as Russia's military edges closer

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
252
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
202
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
94
Meet Beebu a talented Nigerian popular Yoruba musician 

Meet Beebu a talented Nigerian popular Yoruba musician 

January 5, 2023 - Updated on January 9, 2023
71
support our own – Black Sheriff

support our own – Black Sheriff

December 5, 2022 - Updated on December 6, 2022
36
ADVERTISEMENT

EDITOR'S PICK

Okrah ready for Simba SC switch – Graphic Online

October 21, 2022
0

Ghana government urged to adopt measures to improve governance of fisheries – Ghana Business News

November 26, 2022
0
Ghana: Parliament probes Finance Minister Ofori-Atta amidst censure notice – The Africa Report

Ghana: Parliament probes Finance Minister Ofori-Atta amidst censure notice – The Africa Report

November 12, 2022
0
Injured in Prime Volleyball League 1, Rohit Kumar returns as the most expensive player in season 2 auction – Sportstar

Injured in Prime Volleyball League 1, Rohit Kumar returns as the most expensive player in season 2 auction – Sportstar

November 5, 2022
0

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

  • Davido set to release his “Timeless” album on March 31
  • Shatta Wale gives conditions for VGMA return
  • Divorce: Causes and Effects on Children
  • Agnosticism and Gnostism
  • Manage Blood Sugar
  • 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: