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Strictly adhere to bailout programme – IMF advises Ghana
The International Monetary Fund (IMF) is urging Ghana not to deviate from the course of its fund programme to ensure that the country reaps the full benefits of the ongoing bailout package.
The Fund requires effective implementation of structural reforms following the release of the $600 million second tranche and at a time when the government is said to be considering engagements with the IMF for a consensus on the anticipated revenue shortfall over the planned suspension of the VAT on electricity.
But the IMF insists that Ghana adheres to the agreed-upon austerity measures in order to manage its way out of the economic crisis.
“What I can say is that going forward, it would be really, really important that Ghana continues to implement the program that they have developed as envisaged. That is really critical. These programs are designed to be implemented over three, four years. And it is important that Ghana sticks to the course and sees the program being implemented over the next three years,” says Abebe Selassie, Director of the African Department at the IMF, who has been speaking about Ghana’s program in Washington, DC.
In late January, the Bank of Ghana acknowledged receipt of US$600 million as the second tranche for budget support and stabilization of the local currency, bringing the total to US$ 1.2 billion out of the $3 billion approved under the three-year extended credit facility in May 2022.
The IMF has stated that Ghana is performing well under the program, with reforms bearing fruit and signs of economic stabilization emerging.
“Ghana’s program is being implemented effectively. We just went to the board recently with the first program review following, of course, the policies that the government has been putting in place to address the huge imbalances Ghana was facing through last year. And of course, the official creditors are signaling that they will provide debt relief, consistent with what Ghana needs. So, we just went to the Board a couple of weeks ago. We look forward to continuing to support Ghana, consistent with program implementation,” Abebe Selassie added.
Ghana’s next IMF program review is scheduled for June 2024 for the third tranche of approximately US$ 360 million.
Source: Citinewsroom.com
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Many SOEs have been used as mere instruments for personal wealth accumulation –Pres.Mahama
President John Dramani Mahama has expressed concern over the misuse of State-Owned Enterprises (SOEs) for personal financial gain by individuals in leadership positions.
Speaking during a meeting with Chief Executives of specified entities under the State Interest and Governance Authority (SIGA) on Thursday, March 13, the President directly attributed the dire state of SOEs to their leadership, accusing chief executives, management teams, and governing boards of prioritising personal enrichment over organisational efficiency.
He pointed to bloated budgets, unjustified allowances, and unnecessary expenditures as factors draining public funds while SOEs continue to rely on government bailouts.
“Many SOEs have been used as mere instruments for personal wealth accumulation by appointees. The chief executives, management, and boards of these enterprises are responsible for this situation. Some SOEs have become perennial loss-makers, draining public funds with bloated budgets, unjustified allowances, and unnecessary expenditures while relying on government bailouts as if entitled to them. Many of these entities are at their lowest point in the entire history of the Fourth Republic,” he said.
President Mahama further noted that many SOEs have been plagued by inefficiencies, corruption, and mismanagement, leading to consistent financial losses. He cited the 2023 State Ownership Report by the State Interests and Governance Authority (SIGA), which highlighted systemic inefficiencies and wasteful expenditures within these entities.
He therefore reaffirmed his commitment to reforming under-performing SOEs and ensuring they serve national interests.
He warned that loss-making SOEs will no longer be tolerated and will either be merged, privatised, or closed.
“I will assess you based on your performance. If you do not align with the pace of the reset agenda, you may be asked to step aside. If that adds to the horror movie, so be it,” he added.
Source: Myjoyonline.com
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Prophet Courage Heavens set to launch ‘Predestination’ book on March 23
Prophet Courage A. Heavens is set to launch the much-awaited book titled ‘Predestination’ on Sunday, March 23, 2025 at 5:00PM.
The launch, which is expected to impact lives, will take place at Crossgates Ministries, Flattop, off N1 Highway, opposite Angel Hauz.
The book is aimed at addressing the way people struggle to understand how free will and destiny align.
It is also aimed at providing clarity on God’s sovereignty and one’s place in His divine plan.
The various chapters of the book address various issues through scriptures and personal stories.
Committed to impacting society, part of the proceeds from the book will go into Courage Heavens Education Legacy (CHEL), an educational foundation transforming lives.
CHEL is dedicated to providing financial support and mentorship to brilliant but needy students, ensuring they have access to quality education and opportunities for a better future.
Prophet Courage Heavens is a prolific writer and previously authored Eli Eli Lama Sabachthani, a powerful book that encourages unwavering faith in times of trials.
In addition, he has written seven more prophetic and life-changing books that are yet to be published.
He is dedicated to raising the next generation for impactful ministry. As the leader of Crossgates Ministries, he nurtures believers in faith and purpose.
