Wednesday, September 17, 2025
  • Who’sWho Africa AWARDS
  • About Time Africa Magazine
  • Contact Us
Time Africa Magazine
  • Home
  • Magazine
  • WHO’SWHO AWARDS
  • News
  • World News
    • US
    • UAE
    • Europe
    • UK
    • Israel-Hamas
    • Russia-Ukraine
  • Politics
  • Crime
  • Lifestyle
  • Sports
  • Column
  • Interviews
  • Special Report
No Result
View All Result
Time Africa Magazine
  • Home
  • Magazine
  • WHO’SWHO AWARDS
  • News
  • World News
    • US
    • UAE
    • Europe
    • UK
    • Israel-Hamas
    • Russia-Ukraine
  • Politics
  • Crime
  • Lifestyle
  • Sports
  • Column
  • Interviews
  • Special Report
No Result
View All Result
Time Africa Magazine
No Result
View All Result
  • Home
  • WHO’SWHO AWARDS
  • News
  • Magazine
  • World News

Home » Featured » Ghana secures $3 billion IMF bailout

Ghana secures $3 billion IMF bailout

December 13, 2022
in Featured, News
0
540
SHARES
4.5k
VIEWS
Share on FacebookShare on Twitter

Ghana secured a staff-level agreement with the International Monetary Fund for a $3 billion bailout, a key step in the West African nation’s plans to restructure its unsustainable debt.

The accord, which still requires IMF board approval, enables the government to address its precarious public finances and support the cedi — the world’s worst-performing currency this year. Investor concerns about ballooning government debt — forecast to exceed the size of its economy this year — led to a selloff of government bonds this year that effectively locked the country out of international capital markets.

“The economic program aims to restore macroeconomic stability and debt sustainability while laying the foundation for stronger and more inclusive growth, said IMF Ghana Mission Chief Stéphane Roudet. The agreement is also subject to the receipt of the necessary financing assurances by Ghana’s partners and creditors,” he said.

Ghana’s benchmark 10-year Eurobond surged the most since November 23, with the yield dropping 112 basis points to 28.42% by 10.10am in Accra, the capital. The cedi extended its gains and traded as much as 4.2% stronger at 11.50/$, bringing its world-beating gains this month to 22%.

ReadAlso

African Nations Warn Students of Russian Education Scams

Ghana mourns as crash victims’ remains sent to South Africa for forensic analysis

Ghana secured the IMF deal after asking local bondholders to accept losses on interest payments, while excluding a haircut on their principal.

International bondholders may be asked to accept losses of as much as 30% on their principal and forgo some interest, deputy finance minister John Kumah said last month, before the latest round of talks with the IMF began.

ADVERTISEMENT

Finance minister Ken Ofori-Atta also announced measures last month to cut spending and boost revenue to help lower the budget deficit to 7.7% of GDP on a commitment basis in 2023, from 9.9% this year.

“Together with efforts to bring the government deficit down, the authorities have announced a comprehensive debt operation to ensure debt sustainability,” the IMF said.

“We welcome policies to ensure the sustainability of public finances, including the planned fiscal adjustment and medium-term policies to lay the foundation for strong and inclusive growth while protecting the vulnerable.”

The country had 393.4-billion cedis of debt at end-June, and debt-service costs equivalent to 68% of tax revenue over the same period, according to budget data.

While the world’s second-biggest cocoa producer has no dollar debt maturing until July 2023, it faces 43.5-billion cedis of domestic local-currency bonds maturing to end-June. On top of that, it has $663m of coupon payments on dollar debt due by that date.

Tags: bailoutGhanaIMF
ADVERTISEMENT
Previous Post

Cash-in sofa scandal: South African President Ramaphosa survives impeachment move, may face multiple investigations outside of parliament

Next Post

Remarks by Vice President Kamala D. Harris at the U.S.-Africa Leaders Summit African and Diaspora Young Leaders Forum

You MayAlso Like

Freight trains at Nairobi station Credit: Ben Marlow
Column

All aboard ‘The Debt Express’: China’s pincer movement on Africa

September 13, 2025
News

Congo: 107 Dead, 146 Missing in Tragic Riverboat Fire

September 13, 2025
News

South Sudan Vice-President charged with murder, treason

September 13, 2025
‘We were treated like animals,’ says Al-Husseina Amadou said. ‘Now we are free.’ Some estimates put the number of enslaved people in Niger at 130,000. Photograph: Fred Harter
Featured

‘TRIANGLE OF SHAME’: Niger Where Girls Are Still Bought Cheaply As ‘Wahaya’

September 13, 2025
Duncan Okindo in Nairobi. The 26-year-old was tricked into going to Thailand then enslaved in Myanmar. He is now suing the agency that recruited him. Photograph: Carlos Mureithi/Guardian
Featured

How jobseekers from Africa are being tricked into slavery in Asia’s cyberscam compounds

September 13, 2025
An EV charging station in Addis Ababa. Owners of EVs say they save time avoiding the long queues at petrol stations. Photograph: Fred Harter
Featured

Ethiopia is becoming an unlikely leader in the electric vehicle revolution

September 13, 2025
Next Post

Remarks by Vice President Kamala D. Harris at the U.S.-Africa Leaders Summit African and Diaspora Young Leaders Forum

2022 NSF: SP Dimka hosts Team Plateau

Discussion about this post

How Gen Z Protestors Chose Nepal’s First Woman Prime Minister On Discord

Air Peace Pilots Test Positive for Alcohol, Cannabis After Port Harcourt Runway Overshoot

‘We Got Him’: FBI Confirms Tyler Robinson, Suspect in Charlie Kirk Killing, Has Been Caught

‘TRIANGLE OF SHAME’: Niger Where Girls Are Still Bought Cheaply As ‘Wahaya’

Africa Network for Accountability Recognizes Uchenna Okafor for Transparent Leadership

The viral pregnancy hoax that shocked the internet wasn’t real

  • British government apologizes to Peter Obi, as hired impostors, master manipulators on rampage abroad

    1241 shares
    Share 496 Tweet 310
  • Maids trafficked and sold to wealthy Saudis on black market

    1066 shares
    Share 426 Tweet 267
  • Flight Attendant Sees Late Husband On Plane

    972 shares
    Share 389 Tweet 243
  • ‘Céline Dion Dead 2023’: Singer killed By Internet Death Hoax

    904 shares
    Share 361 Tweet 226
  • Crisis echoes, fears grow in Amechi Awkunanaw in Enugu State

    735 shares
    Share 294 Tweet 184
  • Trending
  • Comments
  • Latest

British government apologizes to Peter Obi, as hired impostors, master manipulators on rampage abroad

April 13, 2023

Maids trafficked and sold to wealthy Saudis on black market

December 27, 2022
Flight Attendant Sees Late Husband On Plane

Flight Attendant Sees Late Husband On Plane

September 22, 2023
‘Céline Dion Dead 2023’: Singer killed By Internet Death Hoax

‘Céline Dion Dead 2023’: Singer killed By Internet Death Hoax

March 21, 2023
Chief Mrs Ebelechukwu, wife of Willie Obiano, former governor of Anambra state

NIGERIA: No, wife of Biafran warlord, Bianca Ojukwu lied – Ebele Obiano:

0

SOUTH AFRICA: TO LEAVE OR NOT TO LEAVE?

0
kelechi iheanacho

TOP SCORER: IHEANACHA

0
Goodluck Ebele Jonathan

WHAT CAN’TBE TAKEN AWAY FROM JONATHAN

0

The viral pregnancy hoax that shocked the internet wasn’t real

September 14, 2025
Two teenagers were sentenced to 12 years of hard labour in the gulag for watching banned South Korean TVCredit: BBC

North Korea executing more people for watching foreign movies

September 14, 2025

Aston Villa have fallen into mediocrity but Everton draw provides slim hope of a revival

September 14, 2025

How Noni Madueke silenced the noise to reveal Arsenal’s bold new era

September 14, 2025

ABOUT US

Time Africa Magazine

TIME AFRICA MAGAZINE is an African Magazine with a culture of excellence; a magazine without peer. Nearly a third of its readers hold advanced degrees and include novelists, … READ MORE >>

SECTIONS

  • Aviation
  • Column
  • Crime
  • Europe
  • Featured
  • Gallery
  • Health
  • Interviews
  • Israel-Hamas
  • Lifestyle
  • Magazine
  • Middle-East
  • News
  • Politics
  • Press Release
  • Russia-Ukraine
  • Science
  • Special Report
  • Sports
  • TV/Radio
  • UAE
  • UK
  • US
  • World News

Useful Links

  • AllAfrica
  • Channel Africa
  • El Khabar
  • The Guardian
  • Cairo Live
  • Le Republicain
  • Magazine: 9771144975608
  • Subscribe to TIME AFRICA biweekly news magazine

    Enjoy handpicked stories from around African continent,
    delivered anywhere in the world

    Subscribe

    • About Time Africa Magazine
    • Privacy Policy
    • Contact Us
    • WHO’SWHO AWARDS

    © 2025 Time Africa Magazine - All Right Reserved. Time Africa is a trademark of Times Associates, registered in the U.S, & Nigeria. Use of this site constitutes acceptance of our Terms of Service.

    No Result
    View All Result
    • WHO’SWHO AWARDS
    • Politics
    • Column
    • Interviews
    • Gallery
    • Lifestyle
    • Special Report
    • Sports
    • TV/Radio
    • Aviation
    • Health
    • Science
    • World News

    © 2025 Time Africa Magazine - All Right Reserved. Time Africa is a trademark of Times Associates, registered in the U.S, & Nigeria. Use of this site constitutes acceptance of our Terms of Service.

    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.