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IMF deal: Negotiations with International creditors hit deadlock – Ato Forson claims

The Minority in Ghana’s Parliament has raised concerns about a reported deadlock in the negotiations for the second tranche of a $3 billion credit facility from the International Monetary Fund (IMF).
Dr Cassiel Ato Forson, leader of the Minority caucus, disclosed that a disagreement has arisen between the government and the International Creditors’ Committee.

The disagreement revolves around the cut-off point for external debt in the debt restructuring process, a critical factor for securing the next tranche of $600 million from the IMF.

These claims were made by the Ajumako-Enyan-Essiam MP and former Deputy Finance Minister during his concluding remarks on the 2024 budget debate in Parliament on Wednesday, November 29, 2023.

The alleged stalemate raises questions about the progress and consensus in the negotiations between Ghana and the IMF for the financial assistance package.

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“Mr Speaker, it will interest you to know that there is a deadlock in the negotiation between Ghana and the International Creditors’ Committee (ICC) made up of China and the Paris Club 50. There is a major disagreement on the cut-off point, regarding the external debt that must be excluded from the restructuring. Mr Speaker, I do not need to sound the alarm that at this point, Ghana is between a rock and a hard place.”

“Ghana will need to decide either to accept the cut-off date as proposed by the International Creditors’ Committee and get the IMF Board to approve our USD600 million second tranche or refuse to accept.”

Dr Forson clarified that if Ghana agrees to the cut-off point proposed by the International Creditors’ Committee (ICC), it would result in more debt being excluded from the ongoing debt restructuring.

Consequently, this would require the immediate inclusion of that excluded debt in the budget to facilitate its servicing.

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“The moment we begin the servicing of our external debt, everything in this budget will change.”

Ghana obtained a $3 billion bailout package from the International Monetary Fund (IMF) to address the challenges of a struggling economy marked by high debt, inflation, and a depreciating currency.

The initial installment of $600 million from the Bretton Woods Institutions has already been received by the country.

In October 2023, the IMF announced that it was awaiting the results of Ghana’s discussions with its bilateral creditors before disbursing the next installment of the $3 billion bailout package.

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Source: Myjoyonline.com

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ASWIM lauds Prof Naana Jane Opoku-Agyemang

The Association of Women in the Media, (ASWIM) has congratulated Professor Naana Jane Opoku-Agyemang on her historic achievement as Ghana’s first female Vice President.

The association said her trailblazing journey with sterling accomplishments from academia to politics, is undoubtedly, a vivid inspiration to countless women and girls across Ghana and Africa.

This was contained in a statement signed by its president, Mrs Mavis Kitcher, and copied to The Spectator on Tuesday in Accra.

“ASWIM celebrates your remarkable career, marked by numerous firsts, including the first female Vice-Chancellor of the University of Cape Coast, (UCC), and the first female to hold a professional chair in Ghana, (UCC),” the statement said.

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It said the accomplishments of Prof Opoku- Agyemang were clear testament to the brilliance, resilience and resourceful nature of the complete beautiful African woman.

“As she takes on this new role, ASWIM proudly lauds her commitment to education, women’s empowerment, distinguished public service and patriotism and is very confident that her pursuit of excellence, love for humanity, humility, decency, modesty and commitment to the welfare of the vulnerable will characterise Ghana’s political leadership and public service,” the statement added.

 By Jemima Esinam Kuatsinu

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Demolition of Fantasy Dome unfair — Mark Okraku-Mantey

• Mark Okraku Mantey
• Mark Okraku Mantey

 Months after the Fantasy Dome was dismantled to make way for construction at the Ghana International Trade Fair site, the Deputy Minister of Tourism, Arts and Culture, Mr Mark Okraku-Mantey, has expressed con­cern over the manner the facility was destroyed.

In an interview on Daybreak Hitz with Andy Dosty, Mr Okraku-Mantey criticised the handling of the dome’s dismantling, suggesting that it could have been done without causing damage.

“I don’t think that leadership gave instructions that they should do what happened. The structure was a prefab but I hear the peo­ple destroyed it. That one, we cannot defend it. It is unfair to him (owner). Sometimes, you give instructions and people will go and do things that will make you look bad,” he stated.

When asked about any punitive measure against the workers responsible for the destruction, Mr Okraku-Mantey clarified that the Trade Fair does not fall under his ministry.

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He said he had previously con­tacted the owner, Leslie Quaynor, to discuss relocating the dome, and even suggested the National Museum as a potential site, though it was too small.

The demolition of the 20,000-seat­er Fantasy Dome occurred on March 16, 2024.

According to Dr Agnes Adu, CEO of the Ghana Trade Fair Company Limit­ed, the action was taken after multiple notic­es were given to Quaynor to vacate the premises for redevelopment, as per their tenancy agreement.

Dr Adu noted that all previous tenants had complied except for the Fantasy Dome.

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Quaynor, in an interview with JoyNews, confirmed that his lease had ended, and was in the process of relocating the dome.

He had requested an extension, which was denied, leading him to seek a writ and an injunction from an Accra High Court to halt the demolition.

Despite this, the demolition pro­ceeded, causing significant damage to the structure.

Quaynor described the incident as a major setback, not only for his busi­ness but also for the entertainment industry, which relies on venues like the Fantasy Dome.

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