Ghana, one of the world's biggest producers of both gold and cocoa, is suffering its worst economic crisis in a generation, with the price of goods rising at an average of 41% over the past year.
The Public Utilities Regulatory Commission (PURC) has increased tariffs for electricity and natural gas by 18.36% across the board for all consumer groups.
The government has launched a GH₵100 million grant funding initiative for training and capacity upgrading of high-growth Micro, Small and Medium-Scale Enterprises (MSMEs) owned by women and young persons.
Ghana expects the International Monetary Fund to approve a first loan tranche of $600 million as soon as Wednesday, paving the way for disbursement within a week, Minister of State in the Finance Ministry Mohammed Amin Adam told Reuters on Sunday.
The Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, has welcomed the statement from the Official Creditor Committee for Ghana, signalling the importance of an IMF-supported economic programme.
The Ministry of Lands and Natural Resources in collaboration with the Ghana Chamber of Mines and the Securities and Exchange Commission, is set to list large-scale mining companies on the Ghana Stock Exchange.
Ghana’s official creditors are poised to grant financing assurances and form a committee co-chaired by France and China – key steps for the nation to secure a US$3 billion International Monetary Fund (IMF) loan, sources told Reuters.
The Bank of Ghana (BoG) has stated that it is still focused on its retail central bank digital currency (CBDC) – the e-Cedi – despite the challenges posed by the current economic difficulties and the engagement with the International Monetary Fund (IMF).
