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IMF cash will boost investor confidence - Mona

Jan. 20, 2016, 11:27 a.m.

Cash from the International Monetary Fund (IMF), expected to strengthen the balance of payment position of the country is yet to be released, Citi Business News has learnt.

According to the Ministry of Finance though the second review was completed in the first week of January, the $114 million dollars will be soon released.

The Executive board of the fund last week completed its second review of Ghana’s performance under the Extended Credit Facility (ECF) program.
Ghana was forced to go into the program following economic challenges that engulfed it some two years ago.

The program is expected to bring Ghana out of the woods by restoring debt sustainability and macroeconomic stability in the country to foster a return to high growth and job creation, while protecting social spending.

Under the three year program which was approved on April 3, 2015 Ghana will receive 918 million dollars.

So far Ghana has received 229.1 million dollars of cash from the program and will now receive 114.6 million dollars following the completion of last week’s review.

Speaking to Citi Business News a Deputy Minister Finance Mona Quartey said she is confident the money would increase investor confidence when it arrives.

“The inflow is to strengthen the balance of payment position which feeds back into our main goal of increasing investor confidence. You know macroeconomic stability is what gives all investors confidence that is the importance of that money coming and as we have cleared all the important issues the money will come in at the right time.”

Source: Citifmonline

Disclaimer: The views expressed in this news report do not necessarily reflect the position of the National Development Planning Commission (NDPC)