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Government Agrees On $3 Billion Bailout With IMF

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The government of Ghana has reached a staff-level agreement with the staff of the IMF on economic policies and reforms of about US$3 billion.

The agreement will be supported by a new three-year arrangement under the Extended Credit Facility (ECF) to reform the country’s economy.

Mr. Stéphane Roudet, a Mission Chief for Ghana and International Monetary Fund (IMF) team led visited Ghana to discuss with the Ghanaian authorities IMF support for their policy and reform plans.

At the end of the mission, Mr. Roudet stated at the end of the meeting revealing the plans of the International Monetary Fund for the country.

READ ALSO: Economic Management Team Has No Constitutional Basis, Bawumia Is Blameless On The Economy- Osei Kyei-Mensah-Bonsu

The statement read;

I am pleased to announce that the IMF team reached a staff-level agreement with the Ghanaian authorities on a three-year program supported by an arrangement under the Extended Credit Facility (ECF) in the amount of SDR 2.242 billion or about US$3 billion. The economic program aims to restore macroeconomic stability and debt sustainability while laying the foundation for stronger and more inclusive growth. The staff-level agreement is subject to IMF Management and Executive Board approval and receipt of the necessary financing assurances by Ghana’s partners and creditors.

“ The Ghanaian authorities have committed to a wide-ranging economic reform program, which builds on the government’s Post-COVID-19 Program for Economic Growth (PC-PEG) and tackles the deep challenges facing the country.

“Key reforms aim to ensure the sustainability of public finances while protecting the vulnerable. The fiscal strategy relies on frontloaded measures to increase domestic resource mobilization and streamline expenditure. In addition, the authorities have committed to strengthening social safety nets, including reinforcing the existing targeted cash-transfer program for vulnerable households and improving the coverage and efficiency of social spending.

“Structural reforms will be introduced to underpin the fiscal strategy and ensure a durable consolidation. These include developing a medium-term plan to generate additional revenue and advancing reforms to bolster tax compliance. This will help create space for growth-enhancing measures and social spending. Efforts will also be made to strengthen public expenditure commitment controls, improve fiscal transparency (including the reporting and monitoring of arrears), improve the management of public enterprises, and tackle structural challenges in the energy and cocoa sectors. The authorities are also committed to further bolstering governance and accountability.

“To support the objective of restoring public debt sustainability, the authorities have announced a comprehensive debt restructuring. Sufficient assurances and progress on this front will be needed before the proposed Fund-supported program can be presented to the IMF Executive Board for approval.

“Reducing inflation, enhancing resilience to external shocks, and improving market confidence are also important program priorities. Accordingly, the Bank of Ghana will continue to strengthen its monetary policy framework and promote exchange rate flexibility to rebuild external buffers. As part of the authorities’ debt strategy, a domestic debt exchange has been launched. The authorities are committed to taking the necessary mitigation measures to ensure financial sector stability is preserved.

“IMF staff held meetings with Vice President Bawumia, Finance Minister Ofori-Atta, and Bank of Ghana Governor Addison, and their teams, as well as representatives from various government agencies. The IMF team has also continued to engage with other stakeholders. Staff would like to express their gratitude to the Ghanaian authorities, Parliament’s Finance Committee, and all the private sector, trade union, and civil society representatives for their open and constructive engagement over the past few months.”

SOURCE: GhanaCelebrities.Com

The post Government Agrees On $3 Billion Bailout With IMF appeared first on GhanaCelebrities.Com.

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Wendy Shay donates educational materials to Weija Presbyterian Primary School

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The acclaimed singer welcomed kindred spirits with open arms, pushing them to band together and make a lasting influence on the foundation's noble cause. Wendy Shay ensured that, in addition to educational contributions, entertainment had a role in the donation ceremony, exciting students with live performances of some of her favourites. For the past three years, the Shay Foundation has been pursuing these humanitarian activities with zeal. Below are extracts from the gift.

Wendy Asiamah Addo, also known as Wendy Shay, provided teaching and learning materials to students at the Weija Presbyterian Primary and Junior High School in the Greater Accra Region on Monday, November 20, 2023, through her organisation Shay Foundation.

Branded exercise books, newly made school uniforms, detergents, and refreshing drinking water were among the kind donations.

This charitable deed, which honoured International Children’s Day, demonstrates Wendy Shay’s dedication to encouraging student access to critical educational resources.

Speaking to the students and staff of the school, the ‘Bedroom Commando’ crooner said, “Shay Foundation is a nonprofit organisation that is committed to seeing to the welfare of both young and old. The organisation aims to support the educational needs of the community. Our main mission is to provide equitable access to quality education for underserved communities. It’s sad to see people drop out of school because they do not have the proper materials. Education is the key to the future, and we must do everything possible to make sure that every child has access.”

The acclaimed singer welcomed kindred spirits with open arms, pushing them to band together and make a lasting influence on the foundation’s noble cause.

Wendy Shay ensured that, in addition to educational contributions, entertainment had a role in the donation ceremony, exciting students with live performances of some of her favourites.

For the past three years, the Shay Foundation has been pursuing these humanitarian activities with zeal.

Below are extracts from the gift.

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Burna Boy named Afrobeats Artiste at the 2023 BMAs

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Meanwhile, Rema's Calm Down remix with Selena Gomez was named Top Afrobeats Song.

Burna Boy, a Nigerian music singer, has been crowned the best Afrobeats act at the 2023 Billboard Music Awards (BMAs).

Burna Boy defeated other musicians Libianca, Rema, Tems, and Wizkid.

Accepting the award on Sunday, the African legend stated, “This is dedicated to Africa and every artiste coming out of Africa now, the future is bright.”This is only the tip of the iceberg, but you’ll see the entire concept shortly. “I salute you, love.”

Meanwhile, Rema’s Calm Down remix with Selena Gomez was named Top Afrobeats Song.

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Ex-husband drags Xandy Kamel on social media again

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"I was still in my wedding gown when the marital problems began." People began phoning to tell me they were having an affair with my husband. In my marriage, I've only felt happy for 5 minutes. We didn't even have sex. "I think we made love about six times in our one year together," a depressed Xandy admitted. Kaninja claims the marriage collapsed because Xandy was more preoccupied with her lesbian lovers rather than their marriage. He added that his ex-wife portraying the victim is merely a front to hide her embarrassment. Kaninja stated that Xandy is unsuitable for marriage since she cannot even arrange her matrimonial bed or clean.

King Kaninja, the ex-husband of actress Xandy Kamel, has reacted to charges that his casual attitude and infidelity spree ended their two-year marriage.

His recent outburst comes in response to an interview Xandy gave on Delay Show, in which she declared, among other things, that she was the family earner, rented their house, and paid all the expenses.

She also said she had over GH30,000 in her account at the time of her wedding, but that amount had been reduced to barely over GH100 in two years.

Xandy also discussed the trauma she faced in her marriage, which cost her two pregnancies.

“I was still in my wedding gown when the marital problems began.” People began phoning to tell me they were having an affair with my husband. In my marriage, I’ve only felt happy for 5 minutes. We didn’t even have sex. “I think we made love about six times in our one year together,” a depressed Xandy admitted.

Kaninja claims the marriage collapsed because Xandy was more preoccupied with her lesbian lovers rather than their marriage.

He added that his ex-wife portrayed the victim as merely a front to hide her embarrassment.

Kaninja stated that Xandy is unsuitable for marriage since she cannot even arrange her matrimonial bed or clean it.

Even routine household duties, he claimed Xandy’s mother was doing.

Kaninja, who had opted not to respond, stated that he felt compelled to clear his name.

He claims he hasn’t spoken up because he doesn’t want to get involved in the dirt like his ex-wife.

“The reason I don’t pay attention to some of this news is that eagles and pigs aren’t natural enemies.” Pigs adore playing in the mud, therefore there is no need to accompany them there. “When you follow them, you become dirty like them,” he grumbled.

Kaninja stated that if Xandy did not stop firing, he would be forced to unleash all of the bombshells.

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