• About
  • Advertise
  • Privacy Policy
  • Contact
Tuesday, July 15, 2025
  • Login
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
No Result
View All Result

Experts Optimistic About Ghana’s IMF Bailout, Warns Gov’t To Revise Its Homework

February 28, 2023
Stephen M.Cby Stephen M.C
in Vaultz Business
0
Experts Optimistic About Ghana’s IMF Bailout, Warns Gov’t To Revise Its Homework

Dr. Said Boakye, Senior-Research-Fellow-of-IFS

Dr. Said Boakye, a Senior Research Fellow at the Institute of Fiscal Studies (IFS) has indicated that Ghana will secure an International Monetary Fund programme despite the slow pace in meeting some key criteria. He however maintained that the deal will take some time to be achieved.

Commenting on government’s actions, Dr. Boakye in an interview averred that the government is its own enemy by failing to adhere to principles of the Fund programme.

“I believe that in the end, Ghana will be able to secure a deal with the IMF regarding the programme. But it is dragging in the sense that the IMF sees the government not to be corrective measures, because the thing is not about debt restructuring alone and is not also about just getting the $3 billion.

“IMF does not want to be part of a failure. In other words, it doesn’t want its programme to fail.”

Dr. Said Boakye

Making reference to Ghana’s debt restructuring programme with its external creditors, the Senior Research Fellow disclosed that the government of Ghana has failed to do its homework so well.

RelatedPosts

Importers Back Mahama’s Push to Regulate Port Fees, Predict Market Relief

Ghana Launches Investment Mapping Project to Boost District-Level Economic Growth

24-Hour Economy Policy Alone Not Enough – GNCCI Warns

“So, if you look at the 2023 budget, the government presented to parliament which has been approved long time, we do not see serious expenditure cuts and serious revenue mobilization strategies. So, what is happening is that aside the interest that the debt restructuring will help to reduce, the government projection is not so strong regarding fiscal consolidation.”

Dr. Said Boakye

Dr. Boakye further noted that the fund wants a better work, stating that “this was exactly what was expressed by the German Ambassador – Daniel Krull”.

“If you want IMF to help you and others to help you, you have to do your homework very well for people to think that you are serious and you are about to achieve results, and they will be part of the good news.

“In our assessment at IFS of the 2023 Budget Statement, you would realize that expenditure is rather going up. It is increasing in the midst of a serious microeconomic instability that requires a very serious fiscal consolidation, but government is rather spending more than before.”

Dr. Said Boakye

Ghana Close To Securing An IMF Deal

Similarly, the Chief Executive Officer of the Ghana Investment Promotion Center (GIPC), Mr. Yofi Grant has also expressed surety of Ghana reaching a deal with the International Monetary Fund in the coming months to facilitate the revival of the economy.

Yofi Grant
Mr. Yofi Grant

According to the CEO, the government is close to reaching an agreement with the Fund.

“The government and the IMF reached the Staff Level Agreement in December 2022, a new three-year arrangement under the ECF of about $3 billion. We believe that we are close to achieving and closing that in the very future to enable us build up again – revive economy.”

Mr. Yofi Grant

He explained that the programme is aimed at restoring macroeconomic stability and debt sustainability, whiles also protecting the vulnerable.

“We believe that there has been a significant progress towards presenting Ghana’s programme to the IMF. The economy will be back to its feet right after IMF’s bailout.”

Mr. Yofi Grant

Mr. Yofi Grant concluded that: “ the country expects there might be an approval or there should be approval in the next few months to enable her engage in the programme actively.”

Read more: AU’s Approval of AfCFTA Draft Protocols Paves Way For More Trade- AfCFTA Secretary-General

Tags: 2023 Budget StatementFiscal consolidationInstitute of Fiscal StudiesInternational Monetary Fundmicroeconomic instability
Please login to join discussion
Previous Post

The Player Ghana’s Coach Voted for in FIFA Best Awards Revealed

Next Post

Ugandan President Urges Stronger Trade Relations Among African Countries

Sign up for The Vaultz analytic wire

Get weekly news analysis from top editors at The Vaultz and stay informed on trending economic and business issues from across the globe.

Related Posts

President John Dramani Mahama
General News

Mahama Commits to Developing the Western North Region

July 15, 2025
Hon. Sammy Awuku, Fuel, Appointees
General News

Minority Labels Mahama’s Fuel Cut Directive a PR Gimmick

July 15, 2025
Burna Boy Worried Over Small Crowd at Wireless Festival
Entertainment

Burna Boy Retracts Afrobeats Comments

July 15, 2025
EU Launches Preparedness Union Strategy
Europe

Individuals, Entities Sanctioned For Destabilising Moldova’s Democracy

July 15, 2025
UK Ends Secret Afghan Relocation Scheme
UK

UK Ends Secret Afghan Relocation Scheme

July 15, 2025
COPEC Lauds Mahama for Ending Appointee Fuel Perks—Calls It ‘Forward-Thinking!’
Extractives/Energy

COPEC Lauds Mahama for Ending Appointee Fuel Perks—Calls It ‘Forward-Thinking!’

July 15, 2025
President John Dramani Mahama
General News

Mahama Commits to Developing the Western North Region

by Evans Junior OwuJuly 15, 2025
Hon. Sammy Awuku, Fuel, Appointees
General News

Minority Labels Mahama’s Fuel Cut Directive a PR Gimmick

by Silas Kafui AssemJuly 15, 2025
Burna Boy Worried Over Small Crowd at Wireless Festival
Entertainment

Burna Boy Retracts Afrobeats Comments

by Esther Korantemaa OffeiJuly 15, 2025
EU Launches Preparedness Union Strategy
Europe

Individuals, Entities Sanctioned For Destabilising Moldova’s Democracy

by Comfort AmpomaaJuly 15, 2025
UK Ends Secret Afghan Relocation Scheme
UK

UK Ends Secret Afghan Relocation Scheme

by Lawrence AnkutseJuly 15, 2025
COPEC Lauds Mahama for Ending Appointee Fuel Perks—Calls It ‘Forward-Thinking!’
Extractives/Energy

COPEC Lauds Mahama for Ending Appointee Fuel Perks—Calls It ‘Forward-Thinking!’

by Stephen M.CJuly 15, 2025
President John Dramani Mahama
Hon. Sammy Awuku, Fuel, Appointees
Burna Boy Worried Over Small Crowd at Wireless Festival
EU Launches Preparedness Union Strategy
UK Ends Secret Afghan Relocation Scheme
COPEC Lauds Mahama for Ending Appointee Fuel Perks—Calls It ‘Forward-Thinking!’
[/vc_row_inner]

Recent News

  • Mahama Commits to Developing the Western North Region
  • Minority Labels Mahama’s Fuel Cut Directive a PR Gimmick
  • Burna Boy Retracts Afrobeats Comments
  • Individuals, Entities Sanctioned For Destabilising Moldova’s Democracy
  • UK Ends Secret Afghan Relocation Scheme
The Vaultz News

Copyright © 2021 The Vaultz News. All rights reserved.

Navigate Site

  • About
  • Advertise
  • Privacy Policy
  • Contact

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2D
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships

Copyright © 2021 The Vaultz News. All rights reserved.