• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

Ghana anticipates $1.2bn disbursement from Development Partners to stabilize Cedi

1 year ago
in Business, Economy, Features, highlights, Home, home-news, latest News
1 min read
0 0
0
90
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Ghana anticipates $1.2bn disbursement from Development Partners to stabilize Cedi

In a bid to bolster the Cedi and offset recent economic headwinds, Ghana is poised to receive a substantial financial injection of approximately $1.2 billion from its key development partners namely the International Monetary Fund (IMF), the World Bank, and the African Development Bank by the close of 2024.

This comes as the country grapples with a 6.8% depreciation of its cedi against the US dollar in recent weeks, as reported by the Bank of Ghana.

Dr. Mohammed Amin Adam, the Minister of Finance underscored the importance of these forthcoming disbursements during his inaugural monthly press briefing. He appealed to Parliament for the green light on a $150 million World Bank facility earmarked for the GARID project, aimed at fortifying local flood protection measures.

“To further stabilise the currency, we are expecting a total disbursement of about US$1.2 billion from our Development Partners namely the IMF, the World Bank, and the African Development Bank before the end of 2024. Additional planned disbursements from ongoing projects will also support our growth interventions and strengthen the currency. In this vein, we kindly request Parliament to approve the US$150 million World Bank facility for the GARID project to enhance flood protection at the local level,” he quipped.

The cedi’s recent depreciation has been attributed by the Central Bank to increased payments in the energy and corporate sectors, exacerbated by delays in the disbursement of the second installment of the cocoa loan and the World Bank loan.

However, mitigating factors include consistent inflows from remittances, mining operations, and the domestic gold purchase programme.

RelatedPosts

Parliament Adjourns Sine Die After Intense Legislative Session Marked by Reform Calls and Tributes

GACL Terminates Evatex Revenue Assurance Contract Amid OSP Probe

Cyber Security Authority Flags Rising Mobile Data Scam, Cautions Public

On the external front, Dr. Adam highlighted encouraging signs of fiscal improvement. Ghana recorded a current account surplus of $0.46 billion in 2023, a marked turnaround from the $1.52 billion deficit in the previous year.

Similarly, the trade balance remained robust, closing 2023 with a surplus of $2.6 billion, albeit slightly down from 2022’s $2.9 billion surplus. Preliminary figures for February 2024 suggest a continuing positive trend with a trade surplus of $392 million.

Despite a marginal dip in Gross International Reserves (GIR) from $6.3 billion in December 2022 to $5.9 billion in December 2023, the Bank of Ghana remains steadfast in its support mechanisms. These include the Gold-for-Reserve Programme and the government’s Gold-for-Oil Programme, bolstered by external inflows from the IMF, World Bank, and Cocoa Syndicated Funds.

Since May 2023, the IMF has already disbursed $1.2 billion to Ghana, while the World Bank is poised to release $300 million following recent parliamentary approvals.

 

Tags: cediDevelopment PartnersGhana anticipates $1.2bn disbursement from Development Partners to stabilize CediIMFWorld Bank
No Result
View All Result

Highlights

Gov’t Reopens Talks With PayPal to Restore Full Service Access in Ghana

Financial Sector Assets up 34.6% in 2024 to GHS 525.59 Billion

Banking Sector Soundness Remains Robust in 2024 Amid Strong Profitability, Adequate Capital Buffers

Sha’Carri Richardson Withdraws from US Trials Following Arrest

From Singuluma to El Kaabi: Can CHAN 2024 Unleash the Next Hat-trick Hero?

Ghana to Welcome King’s Baton Relay on August 8 Ahead of 2026 Commonwealth Games

Trending

Features

Parliament Adjourns Sine Die After Intense Legislative Session Marked by Reform Calls and Tributes

August 2, 2025

Parliament Adjourns Sine Die After Intense Legislative Session Marked by Reform Calls and Tributes Parliament has adjourned...

GACL Terminates Evatex Revenue Assurance Contract Amid OSP Probe

August 2, 2025

Cyber Security Authority Flags Rising Mobile Data Scam, Cautions Public

August 2, 2025

Gov’t Reopens Talks With PayPal to Restore Full Service Access in Ghana

August 2, 2025
Bank of Ghana

Financial Sector Assets up 34.6% in 2024 to GHS 525.59 Billion

August 2, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.