Bussiness
Ghana need IMF badly, return to Fund will improve government’s fiscal position – Deloitte
Auditing and accounting firm, Deloitte Ghana, has indicated that Ghana’s return to the IMF is expected to improve the government’s fiscal situation and re-instill investor confidence.
It therefore says the government need the Fund’s programme badly.
“Based on history, the fund may require government to improve revenue which may be in the form of new taxes, which is likely to worsen the plight of Ghanaians especially within this current economic climate”, it stated in its review of the 2023 Budget.
Some conditionalities may require government to implement expenditure cutting measures including halting new employment and ongoing & new capital projects in the public sector.
This, it said has the effect of curtailing government’s ability to create jobs, which will further worsen the plight of the theming unemployed youth, if not properly managed.
Deloitte Ghana further said that the IMF programme is expected to increase the country’s foreign currency reserves and help stabilise the value of the local currency, thereby reducing imported inflation.
In addition, it pointed out that the policy credibility and the boost in investor confidence
associated with the programme is likely to reopen the international capital market
to Ghana under more favourable conditions going forward.
In July 2022, the government commenced engagement the IMF in a bid to secure funding and support to alleviate the current economic challenges the country is facing.
The government has since held two rounds of negotiations with the IMF and the third round of negotiations is expected to be held before the end of the year.
The first round of negotiations focused on a preliminary fiscal adjustment path
debt strategy; and financing required for the programme in line with Post- COVID-19 Programme for Economic Growth (PC-PEG).
The second round was centered on fiscal consolidation path Debt Sustainability Analysis (DSA) and debt management strategy.
The final one will be hinged on structural reform benchmarks, prior actions, performance criteria on key macro-fiscal indicators among others.
Source: Joy Business
Bussiness
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
