IMF Executive Board Approves Ghana's $3 Billion Loan Request: All Set For $600 Million To Land In BoG Accounts
- The executive board of the IMF has given the green light for Ghana's request for a $3 billion bailout to be granted
- The executive board's approval was granted at a meeting in Washington DC on Wednesday, May 17, 2023
- Already, the progress of the IMF negotiations, although dogged by some controversy, has caused the Ghana cedi to appreciate against the dollar
PAY ATTENTION: Enjoy reading our stories? Join YEN.com.gh's Telegram channel for more!
Ghana's request for a $3 billion loan from the International Monetary Fund (IMF) has been approved by Fund's executive board.
YEN.com.gh sources say the balance of payment bailout request was approved at a meeting on Wednesday, May 17, 2023, in Washington.
"The Executive Board of the IMF unanimously approved Ghana's programme over the next three years," state-owned Daily Graphic reports.
Ghana cedi outperforms other currencies against dollar ahead of disbursement of IMF cash
Meanwhile, YEN.com.gh reported in a previous story that the Ghana cedi has been found to be performing strongly against the US dollar when it became clear that Ghana's IMF bailout request will be successful.
PAY ATTENTION: Follow us on Instagram - get the most important news directly in your favourite app!
Bloomberg for instance says the local currency has made a remarkable 33% gain since November last year.
Currently, the Ghana Association of Forex Bureau Operators quotes a GH¢11 selling price for $1 and a GH¢10 buying price.
Steve Hanke slams Akufo-Addo in tweet
However, Professor Steve Hanke has slammed Nana Akufo-Addo for mismanaging Ghana's economy.
The applied economist has described Ghana's president as the master of economic management in a tweet on May 15, 2023.
The academic at US-based John Hopkins University said he is not surprised that Ghanaians have lost hope in the direction Ghan is heading.
Analyst predicts big banks will survive debt exchange challenges but not small banks
Also, a finance expert has predicted that the disturbances caused by the DDEP to Ghana's financial sector will affect small banks more.
Haruna Alhassan told YEN.com.gh that although local banks will be able to recover after three years, big banks will weather the storm much better.
He has advised small local banks to begin getting help early so the impact of the DDEP does not bury them.
New feature: Сheck out news that is picked for YOU ➡️ click on “Recommended for you” and enjoy!