December 6th , 2022


Amos Aboagye

2 months ago


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2 months ago

IMF team arrives on September 26 to hold negotiations on $3 billion loan request.

On Monday, September 26, 2022, a team from the International Monetary Fund is expected to arrive in Ghana to hold official negotiations with the Ghanaian government regarding a loan request.

According to Reuters, the talks will focus on policies and reforms that the IMF could support through an economic assistance program for Ghana.

Once an agreement on a program is reached, Ghana hopes to receive US$3 billion over three years from the Fund.

In turn, the government hopes to conclude negotiations by the end of the year in order to receive the funds in the first quarter of 2023.

The IMF representatives are expected to stay in the country until October 7, 2022.

Meanwhile, the government has repeatedly stated that recent economic headwinds are largely due to the COVID-19 pandemic, the ongoing Russia-Ukraine war, and the banking sector clean-up.

The result has been an increase in the cost of living, record high inflation rates, and downgrades of the economy by rating agencies such as S&P and Fitch - a situation that has severely limited the government's ability to access the international capital market.

The Cedi has also been in free fall, forcing the Bank of Ghana to raise its monetary policy rate to address the situation.

The worsening economic situation compelled the government in July to initiate contact with International Monetary Fund for an economic support programme.

read also: Global Citizen Festival: Historic moments as global music stars rock Black Star Square

It was an exciting melodic display at the Worldwide Resident Celebration which fell off Saturday night at the Dark Star Square in Accra interestingly.

American RNB legend Usher Raymond conveyed a masterclass in music and dance execution along with his group.

It was an activity stuffed music night and English rapper Stormzy carried energy to the stage and was joined by Ghanaian artistes Yaw Frock and Kwesi Arthur as they played out the remix of "Sore" hit single.

Ghanaian top artistes, including Stonebwoy, Sarkodie, and Gyakie, set up a few important exhibitions with fans sticking to their hit tunes.

The night was brimming with thrills as Nigerian artistes Tiwa Savage, Oxlade, and Pheelz made shock appearances at the celebration as they performed along with Usher.

The live concert, which went on for six hours, saw exhibitions from Nigerian Afrobeat star Tems and American artist SZA, who carried snapshots of reflection to the group as she played out her worldwide hit tune "Broken Tickers".

The current year's show was pointed toward approaching world pioneers to move forward interest coming down the line for ladies and young ladies, answer the worldwide food emergency and furthermore put in measures to end outrageous destitution.

President Nana Addo Dankwa Akufo-Addo, who graced the celebration, invited all members from around the world to Accra as they saw these authentic minutes.

President Akufo-Addo declared the send off of the African Thriving Asset that would support key and groundbreaking activities on the mainland in the space of framework improvement, training, medical services, and innovation, among others.

This, he said, would assist with guaranteeing that no nation was abandoned in this formative plan.

There was a comparing celebration held at Focal Park in New York with any semblance of Mariah Carey, Katie Holmes, and others likewise performing.


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