https://en.sputniknews.africa/20230619/imf-loan-not-an-end-to-current-challenges-for-ghana-1060026184.html
IMF Loan 'Not an End to Current Challenges' for Ghana
IMF Loan 'Not an End to Current Challenges' for Ghana
Sputnik Africa
The IMF approved a $3 billion bailout package for Ghana over the next three years in mid-May, including an immediate allocation of $600 million to support the... 19.06.2023, Sputnik Africa
2023-06-19T14:13+0200
2023-06-19T14:13+0200
2023-08-03T10:44+0200
sub-saharan africa
ghana
west africa
international monetary fund (imf)
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Ghana's Finance Minister Ken Ofori-Attah has warned that receiving an extended loan from the International Monetary Fund (IMF) will not fully resolve the nation's economic problems.According to him, the wide-ranging reform agenda planned should touch on cost control, non-rent accumulation, revenue growth, and energy sector reforms to "urgently rebuild the walls of the republic."The IMF team visited Ghana on Friday to assess the country's economic situation and acknowledged positive signs of stabilization in the West African nation, reiterating that timely restructuring agreements with creditors are essential.Regarding the issue, Ofori-Attah stressed that Ghana intends to reach an agreement with bilateral creditors in the coming weeks, adding that it is in the process of signing a memorandum of understanding with them.The minister also rejected media speculations that China would take possession of some key Ghanaian resources because the country was not paying back loans.He stated that such reports do not correspond to reality and are a "figment of people's imagination."Earlier, Ghanaian President Addo Dankwa Akufo-Addo said during a panel discussion at the Qatar Economic Forum in Doha that he "doesn't have any criticisms about Chinese involvement in the Ghanaian economy."According to the IMF, Ghana's collateralized debt, entirely held by China, accounts for 2% of external debt, which corresponds to four loan agreements signed in 2007-2018 that amount to $619 million (0.9% of GDP) to finance infrastructure projects.
https://en.sputniknews.africa/20230616/ghanas-economy-showing-signs-of-stabilization-says-imf--1059962614.html
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ghana, west africa, international monetary fund (imf), loan, china, economy
IMF Loan 'Not an End to Current Challenges' for Ghana
14:13 19.06.2023 (Updated: 10:44 03.08.2023) The IMF approved a $3 billion bailout package for Ghana over the next three years in mid-May, including an immediate allocation of $600 million to support the struggling West African economy, which has been hit hard by the COVID-19 pandemic, high public debt and declining cocoa production.
Ghana's Finance Minister Ken Ofori-Attah has warned that receiving an extended loan from the International Monetary Fund (IMF)
will not fully resolve the nation's economic problems.
"Let me state clearly that securing an IMF program is not an end to our current challenges though it has significantly paved the way for the implementation of an ambitious and well-thought-out program of reform for our economy and country," the official noted while giving an update on Ghana's economy.
According to him, the wide-ranging reform agenda planned should touch on cost control, non-rent accumulation, revenue growth, and energy sector reforms to "urgently rebuild the walls of the republic."
The
IMF team visited Ghana on Friday to assess the country's economic situation and acknowledged positive signs of stabilization in the West African nation, reiterating that timely restructuring agreements with creditors are essential.
Regarding the issue, Ofori-Attah stressed that Ghana intends to reach an agreement with bilateral creditors in the coming weeks, adding that it is in the process of signing a memorandum of understanding with them.
The minister also rejected media speculations that China would take possession of some key Ghanaian resources because the country was not paying back loans.
He stated that such reports do not correspond to reality and are a "figment of people's imagination."
"The misreporting on China was unnecessary and unfortunate. Unfounded accusations against government officials leading the recovery are untenable and serve no useful purpose. Undoubtedly, the need for accuracy must override speed in these circumstances," the official underlined.
Earlier, Ghanaian President Addo Dankwa Akufo-Addo
said during a panel discussion at the Qatar Economic Forum in Doha that he "doesn't have any criticisms about Chinese involvement in the Ghanaian economy."
According to the IMF, Ghana's collateralized debt, entirely held by China, accounts for 2% of external debt, which corresponds to four loan agreements signed in 2007-2018 that amount to $619 million (0.9% of GDP) to finance infrastructure projects.
