IMF Executive Board Approves Ghana's $3 Billion Loan Request: All Set For $600 Million To Land In BoG Accounts

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

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Ghana's request for a $3 billion loan from the International Monetary Fund (IMF) has been approved by Fund's executive board. 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 has secured the IMF Executive Board approval for $3 billion loan.
A creative image of dollars falling from the sky set behind skyscrapers, and finance minister Ken Ofori-Atta. Source: Getty Images, Facebook/
Source: UGC

Ghana cedi outperforms other currencies against dollar ahead of disbursement of IMF cash

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Cedi performs better against US dollar over news of IMF bailout cash disbursement

Meanwhile, 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.

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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.

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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.

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Steve Hanke slams Akufo-Addo: Says he "master of economic mismanagement"

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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 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.

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