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Press Release

INTERNATIONAL MONETARY FUND EXECUTIVE BOARD APPROVES A THREE YEAR PROGRAMME WITH THE GOVERNMENT OF GHANA

Today, April 3, 2015, the IMF Executive Board approved a three-year Extended Credit Facility (ECF) programme for Ghana. Access amounts to SDR 664.2 million (about US$ 918 million), or 180 percent of Ghana’s IMF quota.
 
Ghana has made significant progress in achieving strong and inclusive growth over the past decade. However, since 2012, the economy has come under severe stress due to both global and domestic factors, resulting in high fiscal and current account deficits. Whilst these are being corrected through various government programmes, the persistence of the setbacks has not made the pace fast enough as envisaged.

Ghana is Not Under Sanctions by the African Development Bank

The Ministry of Finance notes with concern the assertion by Dr. Mahamudu Bawumia at a distinguished speaker series lecture delivered on 24th March 2015 that Ghana has been sanctioned by the African Development Bank.
 
         On page 19 of the Statement, he asserts that Ghana has been sanctioned by the African Development Bank for the non-payment of debt obligations due. He further stated that “Ghana regrettably joins the list of nations currently under AfDB sanctions”.
This is factually incorrect, and Dr. Bawumia should have checked ALL the facts.

Ghana hosts International Aid Transparency Initiative Workshop

The Government of Ghana, UNDP and the International Aid Transparency Initiative (IATI) are jointly hosting a Regional Workshop on data usage from 19th - 20th March 2015 at the M-Plaza Hotel in Accra.
 
The workshop brings together a range of actors and stakeholders in development cooperation to discuss ways to exploit the wealth of available data to meet financial and budgetary planning needs at national and sub-national levels, and to challenge those providing information to do so with greater emphasis on the quality needs of the end user.

Government begins Policy Hearings for the 2016 Budget Statement and Economic Policy

The Ministry of Finance in collaboration with the National Development Planning Commission (NDPC), will begin Policy Hearings with Ministries, Departments and Agencies from Monday 16th March, 2015. The Policy Hearings are part of the 2016 Budget Statement and Economic Policy preparation process.
 
The purpose of the policy hearing is to discuss MDA’s policy objectives as outlined in the Ghana Shared Growth and Development Agenda (GSGDA II), to avoid policy duplications and identify common areas in a sector for collaborative policy interventions and funding. This is the first time the policy hearings are being organised separately from the Technical Hearings, ...

Management of Ghana’s Public Debt : A Response to the IEA Statement

The Ministry of Finance has taken note of a Statement by the Institute of Economic Affairs (IEA) on Ghana’s Public Debt situation (Daily Graphic, 16 February 2015, page 71), along with two publications on debt management and other elements of the nation’s fiscal policy (IEA Monographs No. 37 and 39). The Ministry would like to respond to the following sweeping assertions and omissions in the publications.

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.

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