{"id":65266,"date":"2024-01-24T06:58:45","date_gmt":"2024-01-24T06:58:45","guid":{"rendered":"https:\/\/www.africa-press.net\/ghana\/?p=65266"},"modified":"2024-01-24T06:36:47","modified_gmt":"2024-01-24T06:36:47","slug":"imf-deal-boards-approval-of-ghanas-first-review-good-for-the-economy-bokpin","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/ghana\/all-news\/imf-deal-boards-approval-of-ghanas-first-review-good-for-the-economy-bokpin","title":{"rendered":"IMF deal: Board\u2019s approval of Ghana\u2019s first review good for the economy \u2013 Bokpin"},"content":{"rendered":"

Africa-Press – Ghana. <\/strong><\/span>A Professor at the Economics Department of the University of Ghana, Godfred Bokpin has said the approval of the first review of Ghana’s programme with the International Monetary Fund (IMF) by the board bodes well for the economy.<\/b><\/p>\n

He described the approval as positive news given that it took quite some time for the endorsement to be done.<\/p>\n

Speaking on Monday, January 22, Prof Bokpin said \u201cIt is positive news. Remember that the 32 million people in Ghana, for the past three months, all that we have been doing is waiting for $600 million from the IMF and then some $550 million from the World Bank to support an economy that is worth over $70 billion. So, to the extent that the board had met and approved the first review, it is good news.<\/p>\n

\u201cBear in mind the journey had been difficult for Ghana and getting support now is becoming very costly, even getting the programme approved in the first place took us quite a lot of negotiations.\u201d<\/p>\n

The Executive Board of the Fund approved Ghana’s second tranche of US$600 million for immediate disbursement.<\/p>\n

The approval of the loan facility brings the total disbursement for the country’s implementation of an IMF-supported Post COVID-19 Programme for Economic Growth (PC-PEG) to US$1.2 billion.<\/p>\n

This comes about a week after the country secured an agreement with the Official Creditor Committee, leading to the Fund’s endorsement of the country’s First Review of the three-year US$3b programme.<\/p>\n

Speaking at a joint press briefing with the IMF, the Finance Minister, Ken Ofori-Atta described the development as a \u201cpivotal milestone\u201d in the country’s programme implementation.<\/p>\n

\u201cIn truth, the agreement reached with official creditors is a powerful vote of confidence in our economic strategy. The gains made so far from the implementation of the IMF Supported PC-PEG has been remarkable,\u201d he said.<\/p>\n

He added that: \u201cConsequently, this endorsement has unlocked a US$600 million disbursement from the IMF and will pave the way for an additional US$300 million disbursement from the World Bank under the Development Policy Operation Financing by the end of February.\u201d<\/p>\n

Mr Ofori-Atta also indicated that the country expected the World Bank to approve US$250 million to support the Ghana Financial Stability Fund, saying that: \u201cthese resources would significantly bolster our economic recovery efforts.\u201d<\/p>\n

\u201cGoing forward, strong, and ambitious structural reforms will be implemented in the areas of tax policy, public financial management, financial, energy and cocoa sectors to support our fiscal consolidation and growth agenda,\u201d he pledged.<\/p>\n

Commenting on price and financial stability, Dr Ernest Addison, the Governor of the Bank of Ghana (BoG), said that in 2024, the government would continue to implement sound policies to ease inflation further.<\/p>\n

That, he said was firmly anchored towards Ghana’s single digit inflation objective. \u201cIn this regard, the Bank of Ghana will continue to monitor both domestic and external developments and respond appropriately to ensure that the downward inflation trajectory observed in recent months is sustained without undermining growth,\u201d Dr Addison said.<\/p>\n

\u201cAlthough a challenging year confronts us, we remain confident about the ongoing economic recovery process and would want to stress the importance of executing the needed structural reforms to support a better functioning of the economy. These structural reforms will be in ensuring long term sustainability of performance,\u201d the Central Bank Governor stated.<\/p>\n

Mr Stephane Roudet, IMF Mission Chief for Ghana, said that the US$600m would be disbursed to the accounts of the Bank of Ghana in a matter of hours.<\/p>\n

He noted that despite the difficult economic environment, the reforms being implemented by the Ghanaian Authorities had started bearing fruit, with signs of economic stabilisation emerging.<\/p>\n

He stated that the Ghanaian economy had proven more resilient than it was initially envisioned, as inflation was declining rapidly, while fiscal and external positions were also improving.<\/p>\n

Mr Roudet also stated that the Bank of Ghana’s international reserves have been increasing and exchange rate volatility decreasing but noted that \u201cthe road to full stabilisation will be long.\u201d<\/p>\n

The IMF Mission Chief, therefore, encouraged the government to ensure that it addressed outstanding challenges [including reaching commercial creditors agreement] through determined and steadfast policies and reform implementation. <\/b><\/p>\n

Source: 3News<\/b><\/p>\n

For More News And Analysis About Ghana<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Ghana. A Professor at the Economics Department of the University of Ghana, Godfred Bokpin has said the approval of the first review of Ghana’s programme with the International Monetary Fund (IMF) by the board bodes well for the economy. He described the approval as positive news given that it took quite some time […]<\/p>\n","protected":false},"author":84,"featured_media":65265,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,6,5099],"tags":[5092,5096,429],"class_list":["post-65266","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-files","category-to-homepage","tag-africa-press","tag-africa-press-ghana","tag-ghana"],"yoast_head":"\nIMF deal: Board\u2019s approval of Ghana\u2019s first review good for the economy \u2013 Bokpin - Ghana<\/title>\n<meta name=\"description\" content=\"A Professor at the Economics Department of the University of Ghana, Godfred Bokpin has said the approval of the first ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/ghana\/all-news\/imf-deal-boards-approval-of-ghanas-first-review-good-for-the-economy-bokpin\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IMF deal: Board\u2019s approval of Ghana\u2019s first review good for the economy \u2013 Bokpin\" \/>\n<meta property=\"og:description\" content=\"A Professor at the Economics Department of the University of Ghana, Godfred Bokpin has said the approval of the first ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/ghana\/all-news\/imf-deal-boards-approval-of-ghanas-first-review-good-for-the-economy-bokpin\" \/>\n<meta property=\"og:site_name\" content=\"Ghana\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-01-24T06:58:45+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/ghana\/sites\/18\/2024\/01\/sm_1706065443.486836.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1695\" \/>\n\t<meta property=\"og:image:height\" content=\"934\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/imf-deal-boards-approval-of-ghanas-first-review-good-for-the-economy-bokpin#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/imf-deal-boards-approval-of-ghanas-first-review-good-for-the-economy-bokpin\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"IMF deal: Board\u2019s approval of Ghana\u2019s first review good for the economy \u2013 Bokpin\",\"datePublished\":\"2024-01-24T06:58:45+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/imf-deal-boards-approval-of-ghanas-first-review-good-for-the-economy-bokpin\"},\"wordCount\":721,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/imf-deal-boards-approval-of-ghanas-first-review-good-for-the-economy-bokpin#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/ghana\/sites\/18\/2024\/01\/sm_1706065443.486836.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Ghana\",\"ghana\"],\"articleSection\":[\"all news\",\"files\",\"to-homepage\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/ghana\/all-news\/imf-deal-boards-approval-of-ghanas-first-review-good-for-the-economy-bokpin#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/imf-deal-boards-approval-of-ghanas-first-review-good-for-the-economy-bokpin\",\"url\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/imf-deal-boards-approval-of-ghanas-first-review-good-for-the-economy-bokpin\",\"name\":\"IMF deal: Board\u2019s approval of Ghana\u2019s first review good for the economy \u2013 Bokpin - Ghana\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/imf-deal-boards-approval-of-ghanas-first-review-good-for-the-economy-bokpin#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/imf-deal-boards-approval-of-ghanas-first-review-good-for-the-economy-bokpin#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/ghana\/sites\/18\/2024\/01\/sm_1706065443.486836.jpg\",\"datePublished\":\"2024-01-24T06:58:45+00:00\",\"author\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"description\":\"A Professor at the Economics Department of the University of Ghana, Godfred Bokpin has said the approval of the first ...\",\"breadcrumb\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/imf-deal-boards-approval-of-ghanas-first-review-good-for-the-economy-bokpin#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.africa-press.net\/ghana\/all-news\/imf-deal-boards-approval-of-ghanas-first-review-good-for-the-economy-bokpin\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/imf-deal-boards-approval-of-ghanas-first-review-good-for-the-economy-bokpin#primaryimage\",\"url\":\"https:\/\/static.africa-press.net\/ghana\/sites\/18\/2024\/01\/sm_1706065443.486836.jpg\",\"contentUrl\":\"https:\/\/static.africa-press.net\/ghana\/sites\/18\/2024\/01\/sm_1706065443.486836.jpg\",\"width\":1695,\"height\":934,\"caption\":\"IMF deal: Board\u2019s approval of Ghana\u2019s first review good for the economy \u2013 Bokpin\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/imf-deal-boards-approval-of-ghanas-first-review-good-for-the-economy-bokpin#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.africa-press.net\/ghana\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"IMF deal: Board\u2019s approval of Ghana\u2019s first review good for the economy \u2013 Bokpin\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/#website\",\"url\":\"https:\/\/www.africa-press.net\/ghana\/\",\"name\":\"Ghana\",\"description\":\"Just another Africa News Agency Sites site\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.africa-press.net\/ghana\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\",\"name\":\"cfeditoren\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g\",\"caption\":\"cfeditoren\"}}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"IMF deal: Board\u2019s approval of Ghana\u2019s first review good for the economy \u2013 Bokpin - Ghana","description":"A Professor at the Economics Department of the University of Ghana, Godfred Bokpin has said the approval of the first ...","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.africa-press.net\/ghana\/all-news\/imf-deal-boards-approval-of-ghanas-first-review-good-for-the-economy-bokpin","og_locale":"en_US","og_type":"article","og_title":"IMF deal: Board\u2019s approval of Ghana\u2019s first review good for the economy \u2013 Bokpin","og_description":"A Professor at the Economics Department of the University of Ghana, Godfred Bokpin has said the approval of the first ...","og_url":"https:\/\/www.africa-press.net\/ghana\/all-news\/imf-deal-boards-approval-of-ghanas-first-review-good-for-the-economy-bokpin","og_site_name":"Ghana","article_publisher":"https:\/\/www.facebook.com\/AfricaPressTunisiaa","article_published_time":"2024-01-24T06:58:45+00:00","og_image":[{"width":1695,"height":934,"url":"https:\/\/static.africa-press.net\/ghana\/sites\/18\/2024\/01\/sm_1706065443.486836.jpg","type":"image\/jpeg"}],"author":"cfeditoren","twitter_card":"summary_large_image","twitter_misc":{"Written by":"cfeditoren","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.africa-press.net\/ghana\/all-news\/imf-deal-boards-approval-of-ghanas-first-review-good-for-the-economy-bokpin#article","isPartOf":{"@id":"https:\/\/www.africa-press.net\/ghana\/all-news\/imf-deal-boards-approval-of-ghanas-first-review-good-for-the-economy-bokpin"},"author":{"name":"cfeditoren","@id":"https:\/\/www.africa-press.net\/ghana\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb"},"headline":"IMF deal: Board\u2019s approval of Ghana\u2019s first review good for the economy \u2013 Bokpin","datePublished":"2024-01-24T06:58:45+00:00","mainEntityOfPage":{"@id":"https:\/\/www.africa-press.net\/ghana\/all-news\/imf-deal-boards-approval-of-ghanas-first-review-good-for-the-economy-bokpin"},"wordCount":721,"commentCount":0,"image":{"@id":"https:\/\/www.africa-press.net\/ghana\/all-news\/imf-deal-boards-approval-of-ghanas-first-review-good-for-the-economy-bokpin#primaryimage"},"thumbnailUrl":"https:\/\/static.africa-press.net\/ghana\/sites\/18\/2024\/01\/sm_1706065443.486836.jpg","keywords":["Africa Press","Africa Press-Ghana","ghana"],"articleSection":["all news","files","to-homepage"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.africa-press.net\/ghana\/all-news\/imf-deal-boards-approval-of-ghanas-first-review-good-for-the-economy-bokpin#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.africa-press.net\/ghana\/all-news\/imf-deal-boards-approval-of-ghanas-first-review-good-for-the-economy-bokpin","url":"https:\/\/www.africa-press.net\/ghana\/all-news\/imf-deal-boards-approval-of-ghanas-first-review-good-for-the-economy-bokpin","name":"IMF deal: Board\u2019s approval of Ghana\u2019s first review good for the economy \u2013 Bokpin - Ghana","isPartOf":{"@id":"https:\/\/www.africa-press.net\/ghana\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.africa-press.net\/ghana\/all-news\/imf-deal-boards-approval-of-ghanas-first-review-good-for-the-economy-bokpin#primaryimage"},"image":{"@id":"https:\/\/www.africa-press.net\/ghana\/all-news\/imf-deal-boards-approval-of-ghanas-first-review-good-for-the-economy-bokpin#primaryimage"},"thumbnailUrl":"https:\/\/static.africa-press.net\/ghana\/sites\/18\/2024\/01\/sm_1706065443.486836.jpg","datePublished":"2024-01-24T06:58:45+00:00","author":{"@id":"https:\/\/www.africa-press.net\/ghana\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb"},"description":"A Professor at the Economics Department of the University of Ghana, Godfred Bokpin has said the approval of the first ...","breadcrumb":{"@id":"https:\/\/www.africa-press.net\/ghana\/all-news\/imf-deal-boards-approval-of-ghanas-first-review-good-for-the-economy-bokpin#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.africa-press.net\/ghana\/all-news\/imf-deal-boards-approval-of-ghanas-first-review-good-for-the-economy-bokpin"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.africa-press.net\/ghana\/all-news\/imf-deal-boards-approval-of-ghanas-first-review-good-for-the-economy-bokpin#primaryimage","url":"https:\/\/static.africa-press.net\/ghana\/sites\/18\/2024\/01\/sm_1706065443.486836.jpg","contentUrl":"https:\/\/static.africa-press.net\/ghana\/sites\/18\/2024\/01\/sm_1706065443.486836.jpg","width":1695,"height":934,"caption":"IMF deal: Board\u2019s approval of Ghana\u2019s first review good for the economy \u2013 Bokpin"},{"@type":"BreadcrumbList","@id":"https:\/\/www.africa-press.net\/ghana\/all-news\/imf-deal-boards-approval-of-ghanas-first-review-good-for-the-economy-bokpin#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.africa-press.net\/ghana\/"},{"@type":"ListItem","position":2,"name":"IMF deal: Board\u2019s approval of Ghana\u2019s first review good for the economy \u2013 Bokpin"}]},{"@type":"WebSite","@id":"https:\/\/www.africa-press.net\/ghana\/#website","url":"https:\/\/www.africa-press.net\/ghana\/","name":"Ghana","description":"Just another Africa News Agency Sites site","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.africa-press.net\/ghana\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.africa-press.net\/ghana\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb","name":"cfeditoren","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.africa-press.net\/ghana\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g","caption":"cfeditoren"}}]}},"_links":{"self":[{"href":"https:\/\/www.africa-press.net\/ghana\/wp-json\/wp\/v2\/posts\/65266","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.africa-press.net\/ghana\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.africa-press.net\/ghana\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/ghana\/wp-json\/wp\/v2\/users\/84"}],"replies":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/ghana\/wp-json\/wp\/v2\/comments?post=65266"}],"version-history":[{"count":0,"href":"https:\/\/www.africa-press.net\/ghana\/wp-json\/wp\/v2\/posts\/65266\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/ghana\/wp-json\/wp\/v2\/media\/65265"}],"wp:attachment":[{"href":"https:\/\/www.africa-press.net\/ghana\/wp-json\/wp\/v2\/media?parent=65266"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.africa-press.net\/ghana\/wp-json\/wp\/v2\/categories?post=65266"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.africa-press.net\/ghana\/wp-json\/wp\/v2\/tags?post=65266"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}