First tranche of IMF cash to hit BoG account this week

The first tranche of International Monetary Fund (IMF) cash to support the country’s balance of payment is expected to hit the Bank of Ghana’s account this week.

Joy Business is learning that the IMF Board will approve the “cash disbursement” as soon as it considers a request for Ghana’s Programme this Wednesday, May 17, 2023.

Part of the first tranche will come in by Friday March 19, 2023, while the remaining should be disbursed by June 2023.

Details of disbursement

The transfers, Joy Business, understands would be done in two instalments; the first one coming in by Friday May 19, 2023 or Monday, May 22, 2023.

Another disbursement is expected to be done in June 2023.

This will be followed by a visit by an IMF Mission to Ghana in June 2023 to review Ghana’s programme considerations.

Another review is expected just before the end of 2023, possibly in December 2023, before the final disbursement.

All the funds will be paid directly into the Bank of Ghana’s account to support Ghana’s balance of payments needs.

Ghana is expected to get about $3 billion spread over a period of three years under the IMF programme.

Ghana’s IMF Progrmme

Ghana secured the required financing assurance from Ghana’s Creditors Committee under the G20 Common Framework last week, which includes China.

This came after the Managing Director of the IMF, Kristalina Georgieva, indicated that Ghana will secure the financing assurance under the G20 Common Framework

She noted that the decision would help Ghana to unlock the much-needed financing from Ghana’s development partners.

“I also strongly endorse the call by the Official Creditor Committee for private creditors and other official bilateral creditors to commit to comparable debt treatments,” the IMF boss added.

Source: Joy Business

Charterhouse announces the Business Elevate Series with launch of ‘The Gastro Feastival’

Charterhouse, Ghana’s leading event management and audiovisual production company, is marking its 25th anniversary of delivering top-tier events with the introduction of an exciting new initiative: The Business Elevate Series.

This innovative series is designed to shine a spotlight on key economic sectors through a series of dynamic B2B and B2C events, including industry conferences, seminars, and exhibitions.

Kicking off the series is The Gastro Feastival, a groundbreaking annual food industry festival that will showcase Ghana’s rich and diverse food ecosystem and agribusinesses from production to consumption.

The launch event will take place on Friday, March 7, 2025, from 4:00 PM to 6:00 PM at the Grand Arena (Accra International Conference Centre).

This landmark event will bring together food industry stakeholders, enthusiasts, experts, and organizations to highlight the food industry’s critical role in Ghana’s socio-economic development and culture.

It will also promote food security, digital innovation, women’s empowerment, youth employment in agribusiness, and sustainable practices.

The Business Elevate Series is a game-changing initiative designed to foster growth and transformation across multiple sectors. With Charterhouse’s deep expertise in organizing impactful meetings, the series aims to unlock investment opportunities, drive innovation, and catalyze social and economic change.

The Gastro Feastival will address six major pillars that drive industry transformation: Investment Opportunities; Job Creation; Innovation, Technology, and Digitization; Youth Involvement (entrepreneurship and career opportunities); Women’s Involvement; Environmental and Social Governance (ESG); Export Opportunities

The event will also establish a Resource Bank, spotlighting key growth opportunities and ensuring the effective allocation of resources to transform Ghana’s food industry.

The Gastro Feastival is a Charterhouse initiative, with Kosmos Innovation Centre as the technical partner.

Bussiness

Ghana’s GDP shows economy is fast recovering despite DDEP – Finance Ministry

Ghana’s Gross Domestic Product (GDP) indicates a rapid economic recovery despite global challenges and ongoing debt restructuring, according to the Ministry of Finance (MoF).

The Ministry in a statement today indicated that latest data from the Ghana Statistical Service (GSS), cumulative economic growth for the second quarter (Q2) of 2024 reached 6.9%, a notable increase from the 4.7% recorded in the first quarter of 2024.

The MoF statement further noted that, “The economy’s robust recovery is in response to the macroeconomic stability and growth interventions that government is pursuing under our IMF-supported Post Covid-19 Programme for Economic Growth (PC-PEG).”

According to them, the overall real GDP growth for the first half of 2024 rebounded strongly, with year-on-year GDP growth averaging 5.8% for the period, significantly higher than the 2.9% recorded in the same period in 2023.

By Edem Mensah-Tsotorme

Read full statement below