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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.
“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.
“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.
Source: Myjoyonline.com
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GEXIM to host “SME GO” programme stakeholder sensitisation and fair on September 18
The Ghana Export – Import Bank (GEXIM) in collaboration with the Ministry of Finance, Ministry of Trade and Industry, Ghana Enterprises Agency and Development Bank of Ghana will be hosting the final phase of the stakeholder sensitisation exercise on the Small and Medium-sized Enterprises Growth and Opportunity (SME GO) Programme at the Bank’s headquarters located at the Africa Trade House, in Accra.
The stakeholder sensitisation event is scheduled to take place on Wednesday SSeptember18, 2024 at 10 am and will give attendees a deeper insight into the SME GO Programme with a focus on the dynamics of the programme, eligibility criteria application process and how the initiative seeks to assist Ghanaian SMEs to scale up and compete favorably in the international marketplace.
The confirmed speakers and dignitaries for the event will highlight how Ghanaian SMEs can leverage on the SME GO Programme to build the capacities and make them sustainable.
They include Hon. Abena Osei-Asare, Minister of State at the Ministry of Finance, Hon. K. T. Hammond, Minister of Trade and Industry, Hon. Nii Kwartei Titus Glover, Greater Accra Regional Minister as well as the Chief Executive Officers of the Ghana Enterprises Agency and Development Bank of Ghana.
Alongside the stakeholder sensitisation event, GEXIM will be hosting a special edition of its popular SME Fair dubbed “SME GO Mart” at the forecourt of the Africa Trade House, from 8am to 8pm.
The theme for the “SME GO Mart” is “Celebrating Ghanaian SMEs” and it will provide a platform for Ghanaian entrepreneurs to showcase various top-quality Made-In-Ghana products.
Over hundred Ghanaian entrepreneurs with unique products have been confirmed to participate in the fair.
They will be exhibiting several unique and authentic products at unbeatable prices including food and ingredients, beverages, skin and beauty care products, textiles, apparel, garments, leather footwear, slippers, and many others.
In July 2024, the Government of Ghana through the Ministry of Finance launched the SME GO Programme, a ground breaking initiative which sought to provide Ghanaian SMEs with the needed funds, requisite technology and knowledge as well as other relevant resources and tools to aid their growth to become international giants.
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Zipline, GHS reduce maternal mortality in Ashanti Region by 56.4% – Study
A recent impact assessment study on aerial logistics to improve maternal health and emergencies has revealed a remarkable reduction in maternal mortality by 56.4% in Ghana’s Ashanti Region, thanks to the collaborative efforts of Zipline and the Ghana Health Service (GHS).
This was revealed at the National Ghana Health Service Research Conference organized by the Ghana Health Service in partnership with Zipline. The study, which focused on the impact of aerial logistics in healthcare, also noted a 19.9% increase in antenatal visits and a 25% rise in in-facility births, signaling a significant boost in maternal health outcomes.
The success according to the study is attributed to the on-demand availability of blood and essential medical supplies provided by Zipline’s innovative drone delivery system. This consistent access to critical resources has increased patient confidence in the healthcare system, encouraging more mothers to seek necessary care throughout their pregnancies.
Speaking on the highlight of the study, the Research Officer at Ashanti Regional Health Directorate stated, “the significant decrease in maternal mortality we’ve seen is a clear indication of the vital role that reliable access to medical supplies plays in healthcare. The ability to deliver blood and essential medicines exactly when they’re needed has transformed how mothers in the Ashanti Region perceive and engage with the healthcare system.”
“It’s an achievement that speaks to the importance of introducing technology in healthcare delivery. Mothers now feel more confident in seeking care, knowing that they will receive the support they need throughout their pregnancies,”he stated.
The study examined data from 191 health facilities, including hospitals, health centers, and Community-based Health and Planning Services (CHPS) Compounds. Among these, 99 facilities were served by Zipline’s aerial logistics, while 91 were not. The research employed adjusted rates for various key indicators, such as antenatal consultations, emergency visits, referrals, live births, hysterectomies, maternal deaths, and neonatal deaths, as the main dependent variables.
The qualitative aspect of the study aimed to describe and analyze the changes in satisfaction levels among healthcare providers and patients, perceived quality of care in maternal health and emergencies, and experiences related to the use of aerial logistics. In-depth interviews were conducted with 22 patients and 23 healthcare providers at the participating facilities.
Globally, maternal mortality remains a critical public health challenge, with stark disparities between high-income and low-to-middle-income countries (LMICs).
According to the World Health Organization (WHO), the majority of maternal deaths occur in LMICs, often due to preventable causes. In Ghana, particularly in the Ashanti Region, the problem is critical, reflecting the broader challenges faced across the African continent. Beyond this, socio-economic, geographic, and infrastructural factors intensify the risks associated with pregnancy and childbirth, highlighting the urgent need for innovative solutions to improve maternal health outcomes.
As maternal mortality continues to pose a challenge in low-to-middle-income countries, the success seen in Ghana’s Ashanti Region offers a promising model for other regions and nations striving to improve maternal health outcomes through innovative solutions.
Zipline is poised to continue leading the way in revolutionizing healthcare delivery, ensuring that every mother has access to the life-saving resources, no matter where she lives.
