Ken Ofori Atta briefs parliament on IMF prog., Cedi Depreciation others

Finance Minister, Ken Ofori Atta will later today, March, 28,2019 brief parliament on Ghana’s successful completion of the IMF programme.

The International Monetary Fund (IMF) has concluded its eighth review of support for Ghana under the Extended Credit Facility signaling an end to the four-year programme.

The IMF has lauded the efforts of Ghanaian authorities for achieving significant macroeconomic gains over the course of the ECF-supported program, with rising growth, single digit inflation, fiscal consolidation, and banking sector clean-up.

Mr Ofori Atta in his statement to the House is expected to highlight the macroeconomic adjustment that will underpin these improvements, as the 2020 elections approach.

The Minister, will also take the opportunity to update the House on the $3 billion Eurobond as well as the recent developments on the forex market and the cedi depreciation.

The $3 billion Eurobond cash is expected to hit Bank of Ghana’s accounts this week, sources at the Finance Ministry and Bank of Ghana say.

The transfer is said to be made from Ghana’s correspondent bank in London to the Bank of Ghana.