Latest news with #GhanaEconomy
Reuters
08-07-2025
- Business
- Reuters
IMF approves $367 million disbursement to Ghana after fourth review
July 7 (Reuters) - The International Monetary Fund's Executive Board has completed the fourth review under its Extended Credit Facility arrangement with Ghana, unlocking an immediate disbursement of about $367 million, the IMF said on Monday. Ghana's finance ministry said earlier in a post on X that the country will receive a $370 million disbursement from the IMF. The new funding brings the West African nation's total disbursements under the arrangement to around $2.3 billion, the fund said. The IMF approved a $3 billion, three-year bailout for Ghana in May 2023 that helped stabilise Ghana's economy and led to a Fitch rating revision.
Reuters
02-07-2025
- Business
- Reuters
Ghana consumer inflation slows to lowest level since 2021
ACCRA, July 2 (Reuters) - Ghana's consumer inflation (GHCPIY=ECI), opens new tab slowed for the sixth month in a row in June to 13.7% year-on-year, its lowest level since December 2021, the statistics service said on Wednesday. Government statistician Alhassan Iddrisu told a news conference that the underlying causes of inflation were cooling, and the downward shift over the last six months showed a sustained slowdown in prices. "The disinflation process we are observing means some breathing room for households, a more predictable environment for businesses, and for policymakers, a powerful signal that recent fiscal and monetary efforts may be taking hold," he said. He urged policymakers to stay the course. Food inflation dropped to 16.3% from 22.8% in May. "Given how heavily food prices weigh on the average Ghanaian in terms of households' budget, this single trend can have a meaningful impact on people's lived experiences," Iddrisu said. Ghana's central bank held its main interest rate (GHCBIR=ECI), opens new tab at 28.00% in May. The bank expected to announce its next monetary policy decision later this month. The gold- and cocoa-producing West African nation is emerging from its most severe economic crisis in a generation. Finance Minister Cassiel Ato Forson said in his March budget speech that sharp spending cuts would help bring inflation down to 11.9% by year-end.
Bloomberg
25-06-2025
- Business
- Bloomberg
Ghana Plans First Sale of Domestic Bonds Since Debt Default
Ghana will resume domestic bond sales later in 2025 after short-term borrowing costs fell to the lowest levels in three years amid signs the nation is recovering from a recent debt crisis. Africa's top gold producer plans to raise 3 billion cedis ($291 million) through medium-term notes between September and December to refinance more expensive treasury bills, according to a finance ministry official.
Bloomberg
11-06-2025
- Business
- Bloomberg
Ghana's Economy Grows 5.3% as Slump in Cocoa, Gold Sectors End
Ghana's economy expanded at the fastest pace since the third quarter of last year, propelled by its gold mining and agriculture sectors. Gross domestic product expanded an annual 5.3% in the three months through March, compared with 3.6% in the prior quarter, Government Statistician Alhassan Iddrisu told reporters in the capital, Accra, on Wednesday.
Bloomberg
10-06-2025
- Business
- Bloomberg
Ghana Seeks to Shield Budget Goal as Nurses Strike Over Pay Deal
Ghana has asked its nurses to call off a strike and accept the implementation of a wage deal next year as it seeks to protect the 2025 budget from unplanned slippages. President John Mahama who came to power this year after winning election in December plans to cut the overall fiscal deficit to 3.1% of gross domestic product this year from 7.9% of GDP in 2024, in order to sustain recovery of the economy after a debt crisis under the previous administration. He also aims to achieve a primary budget surplus of 1.5% of GDP versus a 3.9% deficit last year.
