IMF DEAL CLOSER GBM ASKS FINANCIAL COURT FOR MORE TIME TO SCRUTINISE EXHIBITS
…Ghana's loan programme By LUCY PHIRI request to go to IMF executive board by end March - president
AFORMER defence Minister, Geoffrey Bwalya Mwamba has asked CCRA the - Ghana Economic is on and Financial course for crimes IMF staff court to to give present him time the to organisascrutinize tion's the executive exhibits before board the with court Ghana's as he request commences for a his loan defence. programme by the end of the month, President Nana Akufo-Addo said on Wednesday after months of detailed talks.
Ghana, struggling with its worst economic crisis in a generation, secured a staff-level agreement with the IMF in December for a $3 billion loan, but the money's approval is contingent on it restructuring its debt of $47.6 billion.
"We are on course for the IMF Staff to present to the IMF executive board Ghana's programme request for a three billion dollar extended credit facility by the end of the month," said Akufo-Addo during his annual address to the nation.
Akufo-Addo also said that while he did worry about the extraordinary expenditure on security at the country's borders, Ghana had no choice but to spend resources to keep its borders safe.
Ghana borders Burkina Faso, where Islamist insurgent groups have been attacking a range of civilian and military targets, causing deaths and displacements and worsening
a food insecurity crisis.
Recently, a panel of investors determined that a credit event not had object occurred to the with application respect to to Ghana, give more triggering time to payments the accused of default person insurance so as to known peruse as through credit default the documents. swaps.
“We "Based have on heard public the informaapplication tion, the by (Europe, defence Middle and we East symphasise and Africa Derivatives with them, Comwe don’t mittee) have determined any objections that (Ghafor na) the had accused’s failed to request make payto adjourn ments within the matter the applicable for him to grace scrutinise period," the the exhibits,” committee the said state in a submitted. statement.
However, Ghana failed to magistrate pay interest Sandford due in January Ngobola on its in his $1 billion ruling international said no person bond due has 2026. the – right REUTERS. to check the submitted documents it is the court that has discretion to allow or not.
“Since the state has no objection, I will allow the application, the accused can peruse through the documents,” ruled Mr Ngobola.
Previously, magistrate Ngobola after the state closed its prosecution’s witnesses and the evidence adduced, it found Mwamba with a case to answer and had placed him on his defense.