The pledge by the International Monetary Fund that its staff and the Government of Ghana are committed to sealing a deal as soon as feasible to help restore economic stability and lay the foundation for inclusive growth is one of the leading stories in the Ghanaian press on Friday.
The Graphic reports that the International Monetary Fund (IMF) says its staff and the government are committed to sealing a deal as soon as feasible to help restore economic stability and lay the foundation for inclusive growth.
The fund said in a statement issued on Thursday, October 20, 2022 that discussions between the two sides had made “good progress” and specific policies needed to restore stability identified.
It said the discussions would continue in the weeks ahead, “with a follow-up mission to take place expeditiously.”
Two IMF teams have visited the country since July when the government formally reached out to the fund for assistance to restore macroeconomic.
The statement, signed by the IMF Missions Chief to Ghana, Stéphane Roudet, followed the conclusion of the third round of discussions between the government and the fund that took place from October 11-19, 2022 during the IMF/World Bank annual meetings in Washington, D.C.
It said the IMF team met with the Finance Minister, Ken Ofori-Atta, the Bank of Ghana Governor, Dr Ernest Addison and their teams, to continue discussions on a possible IMF-supported programme.
“The Ghanaian delegation and IMF staff had very fruitful discussions on the authorities’ post-COVID programme for economic growth and associated policies and reforms that could be supported by a new IMF arrangement.
“We made good progress in identifying specific policies that would restore macroeconomic stability and lay the foundation for stronger and more inclusive growth.
“The IMF team and the Ghanaian authorities remain fully committed to reaching agreement on a framework and policies for an IMF-supported programme as soon as feasible.
“Discussions will continue in the weeks ahead, with a follow-up mission to take place expeditiously,” Mr Roudet said.
The newspaper says that the Minister of Finance, Ken Ofori-Atta has urged Ghanaians not to panic or put further pressure on the cedi, as the cedi continued its rapid slide against the US dollar in October.
Thursday’s depreciation (as much as 9.5 per cent against the US dollar), the biggest in 22 years took losses chalked by the Ghana cedi to nearly 52% this year, the worst performance among 148 currencies tracked by Bloomberg.
According to the Minister of Finance, Ken Ofori-Atta, it was quite perplexing to see the level of the cedi’s depreciation. He said the depreciation of the cedi in October may have been occasioned by a rush for dollars for the import of Christmas goods.
Mr Ofori-Atta was hopeful that the slide would be halted when the government reaches an agreement with the International Monetary Fund (IMF) for economic support this year.
“…It’s quite perplexing to see where it’s going, of course, typically in October, people are importing for Christmas and maybe there’s a rush for that (the dollar) but my expectation is that once we also conclude with the Fund (IMF), that will lead to the fund’s disbursement early next year to do that,” Mr Ofori-Atta said in an interview with Asaase Radio.
“The support we are getting from countries like Germany and France, we are confident that we will get the resources needed, so we really would want people to know not to panic or be rushing in order to put pressure on the currency, I think it’s unnecessary and we are in good shape”.
Ghana is hoping to receive as much as $3 billion under an IMF extended credit facility program to bolster its finances and regain access to global capital markets.
He added that additional support from countries such as Germany and France would provide the country with the funds needed to halt the slide of the cedi.
The Ghanaian Times reports that President Nana Addo Dankwa Akufo-Addo, has stated that the government is prepared to take the necessary steps in reclaiming all state lands including University of Cape Coast (UCC) lands that have been encroached on by developers across the country.
He explained that, one-third of the UCC’s legally acquired land for instance had been taken over by encroachers, saying, “This is unacceptable.”
President Akufo-Addo said this at a durbar held at the campus of the University of Cape Coast (UCC) to climax the 60th anniversary celebration of the establishment of the University.
He inaugurated a number of facilities namely, the School of Graduate Studies Building, a six-storey guest house and School of Medical Sciences Auditorium and adjoining facilities.
The anniversary was on the theme: “60 years of quality higher education: expanding the frontiers.”
President Akufo-Addo said: “I am saddened with this state of affairs especially because it is happening in Cape Coast of all places, the cradle of Ghana’s education system”
He, therefore, called on the chiefs and people of the area to ensure cessation of this unfortunate activities, saying, “We must begin to see the university not only as a national asset and asset of the Central Region but most importantly also as an asset of the people of Cape Coast in particular.”
Touching on the current economic challenges, he said, graduates of UCC and Ghanaians in general, should continue to be inspired by the patriotic endeavours showed by members of the Aborigines RightS Protection Society which was founded in Cape Coast which ensured indigenous ownership of lands as they were threatened by European colonialists.
“It is this same example of patriotic endeavour, this same spirit of determination and tenacity by the Aborigines that we must summon up today to enable us navigate the current difficult headwinds that have engulfed the economy of our country so that we must come out stronger and more empowered than we were before to continue our journey towards our destiny of prosperity and freedom,” he said.
The Vice Chancellor of UCC, Prof. Johnson NyarkoBoampong, in his address, appealed to the government for financial clearance to recruit additional staff to compliment the efforts of the overstretched academic staff.
The University, he said, was currently pursuing international institutional accreditation exercise and said, it would ultimately enhance the process to increase the competitiveness of UCC.
The newspaper says that the International Fertiliser Development Centre (IFDC) in collaboration with the United States Agency for International Development (USAID) presented findings from the West Africa Fertiliser Cost Build-Up Study in a webinar session with stakeholders.
The webinar session also witnessed the launch of an online Fertiliser Cost Simulator tool to address Regional Fertiliser Supply chain challenges and allow for easy access to accurate and timely industry information.
This was contained in a joint press statement issued by IFDC and USAID and copied the Ghanaian Times on Tuesday.
The simulator was developed based on findings from the Fertiliser Cost Build-Up study conducted along selected ports and trade corridors that supply most fertilisers to smallholder farmers in West Africa.
It is a free cost management tool for sourcing, importing, blending, and trading fertilisers in West Africa and also evaluates costs of fertilisers imported to the region, whether straight, compound, or blended.
The West Africa Fertiliser Cost Build-Up initiative was funded by the USAID through the Feed the Future Enhancing Growth through Regional Agricultural Input Systems (EnGRAIS) Project for West Africa, implemented by the IFDC.
According to the statement, the webinar which would be targeting more than 200 participants would convene strategic stakeholders involved in the fertiliser supply chain, from production, to importation, to blending operations, and distribution down to the last mile.
Moreover, the statement indicated that “the cost build-up study, upon which the cost simulator was based, reveals the main bottlenecks and issues causing high prices at farm gates and delayed delivery.”
“It also provides comparisons of the various corridors that can help fertiliser suppliers to make better decisions in optimising logistical options, reducing costs, and improving delivery time,” the statement added.
GIK/APA