Pulse.com.gh logo

Bailout Program IMF team unhappy with gov't disregard for bailout conditions

The team visited Accra from August 29 to September 2, 2016 to continue discussions on the third review of Ghana’s financial and economic program supported by the IMF’s Extended Credit Facility (ECF) It stated that the team had constructive discussions with the authorities during the week on a few outstanding issues.

  • Published:
IMF Team play

IMF Team

Join the "kokonsa" clique.Don't miss a thing, get the latest updates to fuel your conversation daily

By signing up , you agree to our Privacy Policy and European users agree to the data transfer policy

Thank You! You have successfully subscribed to receive pulse.com.gh daily newsletter.

International Monetary Fund team led by Joel Touhas-Bernate, has expressed dissatisfaction over Ghana’s Central Bank amendment bill which  was passed not more than a month ago in parliament.

The IMF as part of the three-year bailout conditions with Ghana, expected that the Central Bank financing of government’s budget will be reduced to zero from the initial 5% of the budget. However parliament recently voted to keep the cap at 5%, meaning that government could still receive financing from the Central Bank to the tune of 5% of the national budget.

The IMF team currently reviewing government’s adherence to the fiscal  conditions under the bailout program as a pre-requiste to the release of the third tranche of the IMF funding,  stated clearly that , “outstanding questions remain with regards to certainelements of the legislation recently passed by Parliament and discussions will continue”.

The team visited Accra from August 29 to September 2, 2016 to continue discussions on the third review of Ghana’s financial and economic program supported by the IMF’s Extended Credit Facility (ECF). It stated  that the team  had  constructive discussions with the authorities during  the week on a few outstanding issues.

READ MORE:Jon Benjamin UK-Ghana trade dependent on adherence to IMF agreement

 “The discussions focused mainly on updating the macroeconomic projections, firming up the fiscal outlook for 2016, and ascertaining that financial pressures faced by the main State Owned Enterprises (SOEs) in the energy sector will not pose additional risks to the central government budget,” it said.

The mission met with H.E. President John Dramani Mahama; Finance Minister Seth Terkper; Bank of Ghana Governor Dr. Abdul-Nashiri Issahaku and other senior officials.

Do you ever witness news or have a story that should be featured on Pulse Ghana?
Submit your stories, pictures and videos to us now via WhatsApp: +233507713497, Social Media @pulseghana: #PulseEyewitness & DM or Email: eyewitness@pulse.com.gh.

Recommended Articles

Recommended Videos

Top Articles

1 Report to work on time – Akufo-Addo tells NABCO recruitsbullet
2 How to create a verified PayPal account Learn how to create a verified...bullet
3 MTN, AirtelTigo and Vodafone to review tariffs; customers to pay morebullet
4 Investment banks in Ghana Top 5 investment banks in Ghana and why...bullet
5 Appointments Dr Hazel Berrard Amuah is new Human Resources...bullet
6 Over 1 million Ghanaians have lost their jobs since 2017 – Reportbullet
7 Ponzi schemes in Ghana These investments are Ponzi schemes...bullet
8 Mobile app to monitor performance of NABCO recruitsbullet
9 Your NABCO salary isn’t free money – Prez tells NABCO...bullet
10 Unibank shareholders file counter suit against receiverbullet

Top Videos

1 Money Alert Meet Africa's richest womanbullet
2 Support Finance minister buys Kantanka carbullet
3 Selorm Adadevoh MTN CEO dances Agbadzabullet
4 Forbes 2018 Africa's billionaires rich listbullet
5 Dr Joseph Siaw Agyepong Nobody can collapse my company – JOSPONGbullet
6 Former Capital Bank staff grills pork for survivalbullet
7 New Discovery Ghana discovers new mineral, lithium in...bullet
8 Bozoma Saint John 10 quotes from Uber top official,...bullet
9 New Phone Nokia’s MWC 2018 Event in Under 10 Minutesbullet
10 New Phone Nokia’s MWC 2018 event in 7 minutesbullet