GOVT TO ENGAGE IMF BOARD TO REVIEW FUNDS RELEASED

The Minister for Finance Designate, Dr Mohammed Amin Adams has revealed that, the 2nd Review of the 3-year, US$3bn IMF Supported Post Covid-19 Programme for Economic Growth (PC-PEG) to be conducted by the IMF Staff has been scheduled for 2nd — 12th April 2024, following the successful completion of the 1s! Review of the Programme on 19! Jan 2024.

He stated that, during the 2nd Review, IMF mission will engage the authorities in technical and policy discussions to enable them assess Ghana’s performance on programme objectives, the 6 Quantitative Performance Criteria (QPCs), the 3 Indicative Targets (Its), 1 Monetary Policy Consultation Clause (MPCC), and the Structural Benchmarks (SBs) with respect to end Dec 2023 targets.

The minister noted that, the approval of the 2nd Review by the IMF Executive Board, possibly in June 2024, will trigger the release of the 3¢ tranche of US$360mn, bringing the total disbursements so far under the programme to US$1.56 bilbillion.

Dr Amin Adam stressed that, the Ministry of Finance is working with the BoG in preparation for the IMF 2nd Review Mission. Preliminary assessment undertaken by MoF and BoG shows that we are on course to meeting most of the targets under the Programme.

The Minister was speaking to the media to update Ghanaians on the economy, which is the first of a series of monthly update the instituted at the Ministry of Finance.

Dr Amin Adams added that, on the domestic front, the latest data indicate that the macroeconomic environment continues to remain stable and signs of economic recovery is emerging as the Government implements the IMF-supported PC-PEG as he says, growth is proving to be more resilient and robust than initially programmed.

 

The Minister designate in his speech said, “Going forward, fast-tracking the implementation of the growth strategy with a key focus on SME development and financing is expected to support accelerated economic expansion in 2024 and the medium-term.”

He revealed that, SMEs in Ghana account for 92% of existing companies, 85% of manufacturing jobs and 70% of GDP.

 

Therefore, they have a growth potential with possible significant impacts at both macroeconomic and sector levels (technology, creative industries, agro value-chains, construction, tourism, commerce of local goods, transport, healthcare, pharmaceuticals, etc).

His statement also outlined Preliminary consultations with stakeholders unearthed 3 main challenges for SMEs, namely:

i. Access to finance;

ii. Access to markets & exports; and

iii. Tax constraints and formalization.

Dr Amin Adams added that, Government is determined to address, particularly, the financing challenges which has become very critical in SME development. This will ensure that we generate growth internally from SMEs underpinned by a robust SME financing ecosystem that can be leveraged as a vehicle for sustainable growth.

“We are talking to various agencies of state, the private sector such as the financial institutions and we are reviewing our existing SME programmes all aimed at consolidating our efforts at providing opportunities for Ghanaian SMEs”

A comprehensive SME financing strategy is being developed, and once approved, you will see a roll-out of various products to support SMEs.

 

By:Kofi Kyeremateng

Spread the love
IMG_4237
Ghana Appointed Vice Chair of the Kimberley Process for 2026, to Chair Global Body in 2027
  Ghana, represented by the Ghana Gold Board (GoldBod), has been appointed Vice Chair of the Kimberley...
IMG_4206
Ghana Urges Bold, Incremental Reforms at 2025 Kimberley Process Ministerial Meeting in Dubai
Ghana has called on member states of the Kimberley Process (KP) to embrace practical reforms that will...
image-1061-210x140
MILITARY RECRUITMENT STAMPEDE: 6 DEAD, 5 IN ICU, 12 IN CRITICAL CONDITION – 37 MILITARY HOSPITAL COMMANDER
  The Commander of the 37 Military Hospital, Brigadier-General Evelyn Vivian Abraham-Kwabiah has...
Dr Richmond Atuahene Banking and Financial Consultant
CORRUPTION, NOT BIAS, AFFECTS AFRICA’S CREDIT RATINGS – DR. RICHMOND ATUAHENE
Dr. Richmond Atuahene, Banking and Financial Consultant Banking and financial consultant, Dr. Richmond...
IMG-20250506-WA0245
Lawmakers Commend Dredge Works, Warn of Setbacks from Encroachment and Poor Sanitation
Dredge Masters Limited, a Jopsong Group subsidiary, has garnered high praise from the Parliamentary Select...
unnamed-1
APN Welcomes New CEO Sidig Faroug El Toum
The Africa Prosperity Network (APN), the continent’s leading organisation dedicated to promoting the...
Bawumia
DR. BAWUMIA LAUNCHES “MY CREDIT SCORE GHANA”; SAYS IT WILL TRANSFORM ACCESS TO FINANCE
The Vice President and Flagbearer of the New Patriotic Party, Dr. Mahamudu Bawumia, has announced that...
IMG-20240529-WA0027
Rugby Africa Cup finally returns to African soil as Uganda wins bid to host 2024, 2025 editions
  After years of being inexplicably exiled to Europe, the prestigious Rugby Africa Cup is finally...
IMG-20240404-WA0006
COA Mixture Enhances Immunity, - Insights from COA-RMLC Deputy CEO
      Pilot Queen Princess Duncan, the Deputy CEO of COA Research and Manufacturing Limited...
IMG-20240326-WA0040
Zoomlion's Specialized Training Pays Off in Keeping African Games Venues Immaculate!
  The discussion by most Ghanaians as the 13th African Games came to a close in Ghana over the...

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Post

George Krobea Asante writes:

    I have noted with deep concern the unfortunate, reckless, and highly disrespectful comments made by the CEO of the Ghana Free Zones Authority against the Chairman of The Church of Pentecost over his comments on the worsening galamsey crisis in Ghana.   It is both shocking and hypocritical that elements within the National Democratic Congress government have suddenly become intolerant of criticisms on illegal mining when the same issue was heavily weaponized for political gains during the administration of President Nana Akufo-Addo.   During the previous administration, the clergy, civil society organizations, and concerned citizens consistently raised alarm over the devastating impact of galamsey on Ghana’s water bodies, forests, and farmlands. These concerns were amplified by activists such as Oliver Barker-Vormawor and groups like the “Fix The Country Movement”, who organized demonstrations and demanded urgent action.   At the time, the NDC openly embraced those criticisms because it aligned with their political agenda. Today, however, under President John Dramani Mahama, Ghana’s water bodies continue to deteriorate at an alarming rate, yet those who speak up are being attacked and intimidated.   The critical question remains: has galamsey suddenly been normalized under the Mahama administration?   It is highly troubling that rather than confronting the environmental destruction threatening the lives and future of Ghanaians, government appointees are choosing to attack respected religious leaders for speaking truth to power.   The Chairman of the Church of Pentecost, like every Ghanaian citizen, has every constitutional, moral, and civic right to speak on national issues without fear of insults, threats, or political intimidation.   President Mahama must, as a matter of urgency, publicly condemn these comments and relieve the CEO of her position if he truly believes in accountability, democratic tolerance, and respect for the clergy.   Failure to act will only reinforce the growing perception that this conduct reflects the attitude of the government toward dissenting voices, and as a Church, we will advise ourselves   Signed George Krobea AsanteLeading Deputy Coms Director – NPP Member, The Church of Pentecost

Read More »

AG Withdraws Key Evidence in Buffer Stock Trial; Court Orders EOCO to Respond to Serious Concerns of accused persons

    In a very interesting and surprising development in the ongoing trial of Republic v. Abdul Hanan-Wahab and 4 Others, the Attorney-General has decided not to rely on some important evidence earlier presented to the court. In court yesterday, the AG’ Office announced that they would no longer rely on documents contained in 2 boxes presented to the court, and referred to in paragraph 38 of the witness statement of Julius Nudawu, a Staff Officer at the Economic and Organised Crime Office (EOCO).   As a result, the two boxes of documents containing supposed evidence of supplies authenticated by the Ministry of Education and allegedly paid by the Ministry in favour of NAFCO have been taken out. Those boxes of evidence had earlier been provided to the court and the accused persons as documents to be relied upon by the Prosecution in proof of the offences. According to the A-G, they will no longer be used as evidence in the trial.   The development followed a series of objections by counsel for the 1st accused person, the former CEO of NAFCO, the Former Attorney-General, Hon. Godfred Dame, and counsel for the wnd accused person, Augustine Obour, to the documents. The objections centred on the lack of clarity of the documents and failure by the Prosecution to show how they are connected to the alleged irregular payments made by the former CEO of NAFCO.   The withdrawal by the Prosecution of the entire court, including counsel for the accused persons as the withdrawn evidence seemed to be the basis for charges against the accused persons.   GRAFFITI MARKINGS BY EOCO ON HANAN’S PROPERTY   Counsel for 1st accused, Godfred Yeboah Dame also challenged the basis of graffiti markings allegedly made by EOCO officers at his client’s residence on 8th April, 2026, without a court order. He argued that this act violated the rights of the accused persons to live in dignity and their presumption of innocence under the Constitution.   EOCO officers who were present in court admitted that an incident like that seemed to have happened but said they were not directly involved and did not know the full circumstances.   The court ordered the Assets and Surveillance Department of EOCO to appear in court at the next adjourned date to answer to the allegations by the counsel for the accused.   OBJECTION TO EOCO OFFICER PROSECUTING CASE WITH A-G.   Another objection was raised about the presence of an Assistant Staff Officer from EOCO in court, who was announced as appearing with the Attorney-General’s legal team. Hon. Dame argued that, under the Law Officers Act of 1974, the officer is not part of the Attorney-General’s Department and therefore could not represent the State in the case.   The court ordered the Attorney-General to produce evidence of due authorisation of the EOCO staff to prosecute together with the A-G, and postponed its decision on this issue to the next hearing date.   RETURN OF SEIZED ELECTRICAL GADGETS Lawyer for Faiza Seidu Wuni (2nd accused), Augustine Obuor also complained about the seizure of electronic devices, including an iPhone 14 Pro Max, Tecno smartphones, and laptops belonging to his client, the 2nd accused’s children. He argued that since the prosecution has already completed case management without indicating that these items would be used as evidence, they should be returned. Hon. Godfred Dame supported this request and added that phones belonging to his client and his client’s driver were also taken. In response, the AG’s Office said it was not in a position to fully address the issues raised. The court again directed EOCO officials to appear at the next hearing to respond to the concerns about the graffiti and the seized devices. The case has been adjourned to April 29, 2026, at 12:00 PM, when EOCO officials are expected to explain their actions, and the court is likely to rule on the objections raised.

Read More »

NPP Flagbearer Dr. Mahamudu Bawumia has officially engaged the contenders in the presidential primaries including Kennedy Ohene Agyapong seeking on how to position the NPP for victory 2028

  This was revealed by senior aide to the former Vice President Sammi Awuku in an interview on Peace fm.   Dr. Mahamudu Bawumia was re-elected in January 30 this year to lead the opposition NPP in the 2028 polls. He won against Kennedy Ohene Agyapong, Kwabena Agyepong, Dr. Yaw Osei Adutwum and Dr. Bryan Acheampong.   While the result was accepted by all as a true reflection of delegates of the party, the polls were intensely contested such that concerns have been raised on mending cracks and relationships ahead of 2028.   The visit according to Sammi Awuku is part of efforts to unify their front for 3028.   He noted that th visit borne out of purest intention yielded positive feedback from Dr. Bawumi and the other contenders.   ‘He (Dr. Bawumia)has made personal and private visit to his brother Kennedy Agyapong. They had extensive conversations that in the aftermath of the primaries how can the party unite ahead of 2028. He reported to us that he left the meeting very satisfied that his brother (Kennedy Ohene Agyapong will support him.’ Sammi Awuku noted   He noted that similar conversations were held with the other contenders and Dr. Bawumia received similar assurances.

Read More »