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February 2015

Government and IMF agree on programme worth $940 million

Government has agreed a three-year programme with the International Monetary Fund (IMF) worth $940 million dollars aimed at overcoming the country’s economic challenges, supporting stronger economic growth and lower inflation.
The deal follows months of negotiations after government announced in August last year that it would seek assistance from the IMF.

Cabinet approves measures to adjust 2015 Budget

Mr John Dramani Mahama, President of Ghana, has assured the public that cabinet has approved supplementary measures to make adjustment to the 2015 budget due to the dramatic decline in crude oil prices.
He said this when he was delivering the state of the nations address at parliament on Thursday noting that Ghana stands to lose about seven hundred million dollars from oil exports if the price remains at current levels.
President Mahama said to achieve policy certainty and attain broad support for the Home Grown Economic Policies of Ghana an open discussion was held in August 2014 with the International Monetary Fund (IMF) for a three year Extended Credited Facility programme.

IMF Mission Reaches Staff-Level Agreement with Ghana on an Extended Credit

A team from the International Monetary Fund (IMF), led by Joel Toujas-Bernate, visited Accra during February 19-26, 2015 to discuss the authorities' economic and financial program and possible financial support by the IMF. The mission reached staff-level agreement with the authorities, subject to approval by IMF Management and the Executive Board, on an economic program that could be supported by a three-year Extended Credit Facility (ECF) arrangement. Proposed access could total SDR 664 million (around US$ 940 million), or 180 percent of Ghana's IMF quota. Consideration by the Executive Board is
tentatively scheduled in early April 2015."

Statement by Ministry of Finance (MoF) in Response to IEA’s Statement on Ghana’s Debt Situation

The Ministry of Finance has taken note of a Statement by the Institute of Economic Affairs (IEA) and two publications by Dr. Charles Amo-Yartey (the IMF’s Resident Representative in Sierra Leone and Liberia) on Ghana’s Public Debt situation. While we take note of some positive aspects of these publications, the Ministry would also like to issue the following clarifications in response to several general and sweeping assertions in them.

Money Market Activities
Treasury Bill Rates, 16th February 2015
Period Interest Rates
91-Day T/Bill 25.85%
182-Day T/Bill 26.40%
1-Year Fixed Rate Bond 22.50%
2-Year Fixed Rate Bond 23.00%
3-Year Fixed Rate Bond
Consumer Sentiments Continue To Improve – BoG

The results of the latest Bank of Ghana (BoG) Confidence Survey conducted in January 2015 indicate that consumer sentiments continue to improve. According to Dr Henry Kofi Wampah, BoG Governor, the overall consumer confidence index increased to 89.9 in December 2014, up from 85.6 recorded in October 2014.

Statement to Parliament on the Implications of the Fall in Crude Oil Prices on the 2015 Budget on Thursday March 12, 2015 by Hon. Seth E. Terkper
  1. Rt. Hon. Speaker and distinguished Hon. Members, I appear before you today to apprise Parliament and, through you, the people of Ghana on the implications of the decline in crude oil prices and its likely impact on the 2015 Budget. The purpose of the Statement is also to inform you of the steps Government has been taking to address the said issue to ensure that the macroeconomic objectives of Government is achieved.
2015 Budget Implementation Instructions

The 2015 Budget Statement and Economic Policy of the Government was presented to the Parliament of Ghana on 19th November 2014. After the Parliamentary debate, the Appropriation was passed into law by the enactment of Appropriation Act, 2014 (Act 881). Following this, Regulation 149 of the Financial Administration Regulations, 2004 (L.I. 1802) gives the Minister for Finance the responsibility of overseeing the implementation of the national budget. In line with this responsibility, the Minister for Finance hereby issues for compliance by all Ministries, Departments and Agencies (MDAs) the Budget Implementation Instructions for the 2015 financial year.


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