madimage

Connect with us

Hi, what are you looking for?

News

Ghana doubles IMF funding target to $3bn – Bloomberg

Ghana doubles IMF funding target to $3bn – Bloomberg

Ghana is expecting to receive $3 billion dollars over three years from the International Monetary Fund, if an agreement on a programme is reached, international news agency, Bloomberg reported.

Bloomberg reported that the loan requested was double the amount of $1.5 billion the west African nation was requesting a month ago.

According to the news portal, the source agreed to give the information on condition of anonymity.

“Since negotiations for the programme are starting now, it’s too early to comment on the final form the programme will take,” an IMF spokeswoman said in an emailed response.

“The Extended Credit Facility for low-income countries is the Fund’s main tool for medium-term support for countries facing protracted balance of payments problems, similar to Ghana’s. The duration of such an arrangement is between three to four years, and extendable to five years.” Bloomberg added.

On July 1 Ghana government announced a u turn of an initial decision of not resorting to the IMF for support despite economic hardship hitting the citizenry.

Consequently, a team from the IMF arrived in Ghana to start negotiations with the Ghana government. The government has since maintained to secure a good deal for the country.

African Editors’ sources have confirmed that Ghana could secure IMF bailout within the second quarter of 2023 despite worsening economic conditions.

Meanwhile, Ex-President John Dramani Mahama has urged President Akufo-Addo to convey crunch meeting by assembling expert in Ghana to table over how to fix the broke economy under his watch. According to him, Ghana’s economy is deteriorating to a junk levels and deliberate decision needs to be taken before it develops I into unmanageable proportions.

There is a good reason why you should support the African Editors. Not everyone can afford to pay for news right now. That is why we keep our journalism open for everyone to read, including in Ghana. If this is you, please continue to read for free. But if you are able to, then there are three good reasons to support us today.

1. Our quality, journalism is a scrutinising force at a time when the rich and powerful are getting away with more and more.

2. We are independent and have no billionaire owner pulling the strings, so your money directly powers our reporting.

3. It doesn’t cost much, and takes less time than it took to read this message.

Help power the African Editors' journalism for the years to come, whether with a small sum or a larger one. If you can, please support us on a monthly basis from just 1 Ghana Cedi through mobile money number: 0599896099/ +23359989609 and you can be rest assured that you’re making a big impact every single month in support of open, independent journalism. Thank you.

Click to comment

Leave a Reply

You May Also Like

Video

Kagame Tells Europe that Africa Doesn’t Need Adult Supervision but Fair Trade.    There is a good reason why you should support the African...

Video

At vero eos et accusamus et iusto odio dignissimos ducimus qui blanditiis praesentium voluptatum deleniti atque corrupti quos.

News

Daasebre Oti Boateng introduces Root-Based Model to Akufo-Addo, Bawumia, commends them for 2021 Census & Covid-19 fight Omanhene of New Juaben, Chancellor of All...

Health

Neglected tropical diseases rising in E/R- GHS Eastern Regional Health Directorate says there is disturbing increase in cases of neglected tropical Diseases in the...

Copyright © 2023, Africaneditors.com Ltd was developed by Wordswar Technology & Investment, Inc. Contact us on +233246187160

%d bloggers like this: