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Tag: IMF

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IMF approves $3 billion Ghana loan after debt restructuring delays

Elwin Mandowa, , , , , , 0 comment
The International Monetary Fund’s executive board on Wednesday approved a $3 billion, three-year loan program for Ghana. The approval comes after months of delays due to a difficult debt restructuring program. With the approval, the West African nation would now access about $600 million immediately towards tackling its worst economic crisis in decades. But the IMF said in a statement… Read More
Africa Business World 

African finance ministers demand action on global financial architecture reform

Elwin Mandowa, , , , , , ,
Coming out of the World Bank Group (WBG) and International Monetary Fund (IMF) Spring Meetings, a group of African Finance Ministers and partners is urging global institutions to do more to deliver for African countries. The WBG/IMF Annual Meetings will return to Africa for the first time in fifty years this October, which presents an eight-month window of opportunity for… Read More
Africa Business China Ghana West Africa World 

Ghana seeks China’s support to restructure its debt

Elwin Mandowa, , , , , , , , , ,
Ghana is seeking China to join its ongoing external debt restructuring efforts as it pushes for an IMF bailout this year. China is leading creditor to Ghana and other African countries. For Ghana to secure an IMF deal this year, it would have to restructure its debt levels. Ghana’s debt levels are unsustainable and has to be brought to a… Read More
Africa Business Ghana West Africa World 

Ghana to secure $3 bln IMF loan approval in 2023

Elwin Mandowa, , , , , , , ,
– – Ghana expects to secure a $3 billion loan facility from the International Monetary Fund (IMF) by next year, Finance Minister Ken Ofori-Atta said on Tuesday. The West African nation is in serious economic crisis and urgently needs IMF bailout after earlier asserting it won’t turn to the fund for support. It would be the 17th time Ghana is… Read More
Africa Business Southern Africa World Zambia 

IMF approves a $1.3 billion loan program for Zambia

Elwin Mandowa, , , , , , , ,
– – The International Monetary Fund has given approval for a $1.3 billion, 38-month loan program for Zambia. The approval given on Wednesday is a crucial step in helping the country to restructure its debts and rebuild an economy ravaged by mismanagement and COVID-19. The IMF said in a statement that the new Extended Credit Facility arrangement would provide total… Read More
Africa Business Ghana West Africa World 

Ghana goes back to the IMF for support amid economic distress

Elwin Mandowa, , , , , , ,
– – Ghana’s government has announced plans to seek support from the International Monetary Fund (IMF) as it continues to struggle with worsening economic conditions. The West African nation’s economy continues to plummet as it struggles to improve the living standards of citizens. The country’s public debt stock now stands at GH¢341.8 billion ($45.5 billion) with a corresponding debt to… Read More
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Russia parries off Ukraine invasion blame for global economic crisis

Elwin Mandowa, , , , , , , , , ,
– – The Russian government has rejected recent news reporting with the narrative that its invasion of Ukraine has led to a global economic crisis. Russia is currently engaged in a war with Ukraine, a move that has led to several sanctions being placed on the Eastern European super power. The International Monetary Fund has said that the economic damage… Read More
Africa Southern Africa World Zambia 

Zambians demand full disclosure of IMF deal conditions

Elwin Mandowa, , , , ,
– – Some Zambians are demanding that government discloses the conditions attached to a 1.4 billion United States Dollars’ IMF economic recovery deal, signed in December, last year, under the extended credit facility for 2022 to 2025. This follows a refusal to do so, by IMF Mission of chief to Zambia, Allison Holland, who said it was not her organisation’s… Read More
Africa World 

The challenges Africa faces amid the Ukraine war

Elwin Mandowa, , , , , ,
– – The war in Ukraine is still raging and that brings a lot of implications for the world including Africa. Th continent’s economic outlook is said to be very vulnerable to higher food and fuel prices prompted and deep in tourism revenues. According to the International Monetary Fund (IMF), Africa also faces diminished access to financial services. Kristalina Ivanova… Read More
Africa Southern Africa World Zambia 

Zambians unhappy with removal of fuel, electricity subsidies

Elwin Mandowa, , , , , , ,
– – Zambians are concerned about the government’s decision to remove fuel and electricity subsidies, saying the price increments on commodities that would result from this move, would make life unbearable for many citizens. The Zambian government announced, recently, the removal of the said subsidies, effective January, 2022. Concerned citizens say if prices go up, due to the high cost… Read More