• 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 Economy

Ghana’s return to IMF due to non-completion of structural reforms in 2015 programme – Bright Simmons

3 years ago
in Economy, Features, highlights, Home, home-news, latest News
2 min read
0 0
0
Bright Simmons, IMANI Ghana - norvanreports

Bright Simmons, IMANI Ghana - norvanreports

153
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Ghana’s return to IMF due to non-completion of structural reforms in 2015 programme – Bright Simmons

Vice President of Think Tank, IMANI Africa, Bright Simmons, has said Ghana’s return to the IMF for a programme, is due to the former’s early exit from a 2015 Fund programme as well as the non-completion of certain structural reforms that had to take place during the 2015 IMF Programme.

According to Mr Simmons, the country’s return to the Bretton Wood Institution is an indication of the “unfinished business” the country had with the Fund when it adamantly insisted on leaving the Fund programme in 2015.

“It’s for unfinished business, Ghana went to the IMF in 2015 due to the fall in commodity prices and other pressures and had a 3 year programme within which certain reforms needed to be done by the end of the programme, but those reforms weren’t completed because the new government was adamant that it had to leave the programme and it did,” he stated speaking in an interview with BBC’s Peter Okwoche.

According to Mr Simmons, Ghana’s return to the IMF has been due to the fact that the government has failed to get the private market to fund its way out of the present economic troubles.

He asserts that, government has talked with syndicates of banks and tried to borrow locally at significant interest rates, but investors at a point decided to no longer lend to the government as it wasn’t using the borrowed funds to address issues with the economy to make it more creditworthy.

“Ghana has been trying to get the private market to fund its way out of this trouble, the government has talked with syndicates of banks and tried to borrow locally at significant interest rates but it has gotten to the point where investors are saying that we don’t think you can pay us back because you are not using the money we are lending to address issues with your economy that will put you in a position that you are more credit worthy than you are, you are only spending it on debt falling due, paying civil servants, making good on liabilities that have fallen due and that is not the kind of debt that is likely sustainable,” he said.

RelatedPosts

Why Women Must Be Involved In Building Flood Resilience

African Development Bank Group and Michael Bloomberg to Drive Private Investment into Africa

Bitcoin Drops to $109K as Crypto Market Loses $200 Billion

Speaking further in the interview, Mr Simmons noted that the government’s return to the Fund is an admission of failure, given that they consistently linked being with and going to the IMF with mismanagement of the economy.

“This government consistently linked going to the IMF with mismanagement of the economy and bad economy, so it became very difficult for them to go to the IMF as politically they had raised the stakes of going to the IMF to the level where any u-turn could be interpreted as failure.

“And this was mainly because of the way they framed the challenges rather than framing the situation as one involving historical reforming structures of the economy which has been going on for decades now. But instead, they created the impression that the country had made a great shift in that direction and all that we were facing are some headwinds from the global picture being Covid and Russia,” he remarked. 

On July 1, 2022, President Akufo-Addo authorised the Minister for Finance, Ken Ofori-Atta, to commence formal engagements with the International Monetary Fund (IMF).

A statement signed by the Information Minister, Kojo Oppong Nkrumah, said the president’s directive to the Finance Minister followed a telephone conservation between President Akufo-Addo and the IMF managing director, Kristalina Georgieva, conveying Ghana’s decision to engage with the Fund.

“The engagement with the IMF will seek to provide balance-of-payments support as part of a broader effort to quicken Ghana’s build-back in the face of challenges induced by the COVID-19 pandemic and, recently, the Russia-Ukraine crises,” the statement read.

Source: norvanreports
Tags: Bright SimmonsCOVID-19 pandemicghanaGhana’s return to the IMF due to non-completion of structural reforms in 2015 IMF programme – Bright SimmonsIMANI AfricaIMF
No Result
View All Result

Highlights

AI in Africa: 5 Issues That Must be Tackled for Digital Equality

ECG Posts Record Monthly Revenue of GHS 1.74bn for July

IMF Urges Lebanon to Deepen Reforms Amid Fragile Rebound and Banking Sector Challenges

GCB Bank Outlines Post-IATF Path to Powering Africa’s Trade Future

AGI Raises Alarm Over Weak Consumer Demand Despite Signs of Economic Recovery

Lead, Mercury Found in Turmeric, Tom Brown and Others – FDA Report

Trending

Features

Why Women Must Be Involved In Building Flood Resilience

September 26, 2025

Why Women Must be Involved in Building Flood Resilience Women carrying children through chest-deep waters, families watching...

African Development Bank Group and Michael Bloomberg to Drive Private Investment into Africa

September 26, 2025

Bitcoin Drops to $109K as Crypto Market Loses $200 Billion

September 26, 2025

AI in Africa: 5 Issues That Must be Tackled for Digital Equality

September 26, 2025

ECG Posts Record Monthly Revenue of GHS 1.74bn for July

September 26, 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.