IMF ap­proves one-year ex­ten­sion of fis­cal sup­port for Ghana

Financial Nigeria Magazine - - Finance -

The In­ter­na­tional Mone­tary Fund (IMF) ap­proved last month an ex­ten­sion of an aid pack­age for Ghana ini­tially worth $918 mil­lion. This will see the pro­gramme con­tinue for an ex­tra year beyond its orig­i­nal April 2018 end date.

The de­ci­sion was made dur­ing a meet­ing of the Fund's ex­ec­u­tive board that also ap­proved a tranche of $94.2 mil­lion in bal­ance of pay­ment sup­port fol­low­ing the fourth re­view of the West African na­tion's pro­gramme.

Ghana, which ex­ports co­coa, gold and oil, signed onto the pro­gramme in April 2015 hop­ing to re­store fis­cal bal­ance to an econ­omy dogged by bud­get deficits, ris­ing pub­lic debt and in­fla­tion.

“The au­thor­i­ties have taken some en­cour­ag­ing steps and the econ­omy is show­ing signs of re­cov­ery,” the IMF said in a state­ment. It called for ad­di­tional ef­forts to ad­dress rev­enue short­falls and full en­force­ment of ex­pen­di­ture con­trol mea­sures to con­tain spend­ing and pre­vent the re­cur­rence of do­mes­tic ar­rears.

Ghana should also tackle en­ergy sec­tor in­ef­fi­cien­cies, par­tic­u­larly im­prov­ing the man­age­ment of the state-owned en­ter­prises, the state­ment added.

Newspapers in English

Newspapers from Nigeria

© PressReader. All rights reserved.