Economy
IMF team heads to Ghana on Monday to discuss loan programme request
The International Monetary Fund confirmed on Sunday that a staff team will visit Ghana this week to continue discussions with the authorities on policies and reforms that could be supported by an IMF lending arrangement. Ghana turned to the IMF for help in July as its balance-of-payments deteriorated and hundreds took to the streets to protest against economic hardship. An IMF staff team briefly visited the country two weeks later.
Reuters’ reported last week that an IMF team would visit Ghana this week. The IMF, in a statement on Sunday, said the team would arrive on Monday and stay until Oct. 7. The government of Ghana, a major gold and cocoa producer, has been struggling to tame galloping inflation, reduce public debt and shore up the local currency. Its balance-of-payments deficit swelled to nearly $2.5 billion by the end of June from around $935 million in March.
A source with knowledge of the matter told Reuters last month that an eventual agreement between Ghana and the IMF will likely consist of $3 billion in financing over a three-year period, and contain elements of both Extended Credit Facility (ECF) and Extended Fund Facility (EFF) programmes.
-
Oil and Gas17 hours agoDangote refinery fails to prevent record gasoline prices hike
-
News17 hours agoDMO opens N750bn FGN Bonds for subscription
-
Economy2 days agoECA boss urges Africa to embrace innovation shift
-
Economy17 hours agoNigeria needs $14bn annually to bridge infrastructure gap, as IsDB invests over $2.4bn
-
Agriculture2 days agoHigh fuel price, food costs change spending habits of Lagos residents
-
News2 days agoSEC’s recapitalisation plan deadline, responsible regulatory approach—Uwaleke
-
News2 days agoGlobal leaders adopt “New Delhi Declaration” at World Public Summit
-
News17 hours agoCBN’s naira-only remittance policy may widen forex gap, economist warns