UPDATE 5-Crisis-hit Ghana changes its mind and turns to IMF for help

2022-07-01 04:33:00 PM

* Ghana's dollar-denominated sovereign bonds rally sharply (Adds response from IMF)

Ghana, Economy/Imf (Update 5)

Ghana , one of West Africa ’s largest economies, will hold formal talks with the International Monetary Fund (IMF) on a support package, the government said on Friday, after hundreds took to the streets protesting mounting hardship.

* Ghana 's dollar-denominated sovereign bonds rally sharply (Adds response from IMF)

* Hundreds protested in the capital over economic woes* IMF says ready to support, will start talks soon* Ghana’s dollar-denominated sovereign bonds rally sharply (Adds response from IMF)ACCRA, July 1 (Reuters) - Ghana, one of West Africa’s largest economies, will hold formal talks with the International Monetary Fund (IMF) on a support package, the government said on Friday, after hundreds took to the streets protesting mounting hardship.

The cabinet gave its support for the decision at a meeting on Thursday, following a phone conversation between President Nana Akufo-Addo and IMF Managing Director Kristalina Georgieva.Ghana, a gold, cocoa and oil producer, has until now refused to seek IMF support to rescue an economy crippled by the pandemic, rampant inflation and a depreciating currency, despite analysts warning it is close to a debt crisis..

Read more: Reuters Africa »

Pls don't provide any assist to Ghana They are incompetent They'll use the money (unwisely) especially during elections Please! Don’t give us any money. We will appreciate advice and directions on how to manage the economy. Our president chatters a flight that costs over $15000 an hour. We had this coming!

Don't give any money to the president of Ghana

Ghana: Police Arrest 29 People Protesting High Cost of Living Ghana 's opposition led a second day of protests Wednesday over the high cost of living and record inflation. Police fired tear gas at protesters Tuesday and made several arrests.

'KK' confessed he betrayed Nyerere with IMF, World Bank: Thabo MbekiFormer Zambian president Kenneth Kaunda made an undertaking with his Tanzanian counterpart Julius Nyerere that they would never allow a situation that would lead to their respective countries carrying a begging bowl to the IMF or the World Bank. Reality kicked in with 'KK'. It's all nice to sloganeer and issue threats but hunger at night reminded him. Look at Zim, Mugabe was issuing threats regularly and his hungry people were supporting him while running to SA.

'KK' confessed he betrayed Nyerere with IMF, World Bank: Thabo MbekiFormer Zambian president Kenneth Kaunda made an undertaking with his Tanzanian counterpart Julius Nyerere that they would never allow a situation that would lead to their respective countries carrying a begging bowl to the IMF or the World Bank. A bold decision Singenaphi ke thina kwi betrayal zabo KK nabo Nyerere❓ That is exactly what Ramaphosa is doing. Yet not a cent is used for the reason he begged for a loan again.

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* Ghana had previously refused to seek IMF help * Hundreds protested in the capital over economic woes * IMF says ready to support, will start talks soon * Ghana’s dollar-denominated sovereign bonds rally sharply (Adds response from IMF) ACCRA, July 1 (Reuters) - Ghana, one of West Africa’s largest economies, will hold formal talks with the International Monetary Fund (IMF) on a support package, the government said on Friday, after hundreds took to the streets protesting mounting hardship.Clad in red and black, the hundreds of protesters chanted war songs while wielding signs and placards with inscriptions like,"Mr.Former president sings praises of liberation hero Kenneth Kaunda's contribution to the struggle against apartheid 01 July 2022 - 06:01 Mawande AmaShabalala Political journalist Former president Thabo Mbeki said the admission took place during Kaunda’s address to the now-defunct Frontline States.11 months ago Mbeki spoke in colourful terms about the role Kaunda played in the ANC struggle against white minority rule.

The cabinet gave its support for the decision at a meeting on Thursday, following a phone conversation between President Nana Akufo-Addo and IMF Managing Director Kristalina Georgieva. Ghana, a gold, cocoa and oil producer, has until now refused to seek IMF support to rescue an economy crippled by the pandemic, rampant inflation and a depreciating currency, despite analysts warning it is close to a debt crisis." Police fired tear gas and used water cannon to disperse the crowd following a standoff over the proper marching route.. The admission apparently took place during Kaunda’s address to the now-defunct Frontline States, a group of African countries that resolved to defeat the apartheid regime in SA. The IMF confirmed Ghana’s request for help and said it would start discussions with authorities in the coming weeks. In a text to VOA, police spokesperson Grace Ansah-Akrofi said 12 personnel were injured in the melee, adding that 29 of the rioters have been arrested. “The IMF stands ready to assist Ghana to restore macroeconomics stability; safeguard debt sustainability; promote inclusive and sustainable growth; and address the impact of the war in Ukraine and the lingering pandemic,” an IMF spokesperson told Reuters. “The critical outcome of that process of talking to the ANC resulted in ensuring that by the time the regime lifted the ban on the ANC in 1990, we had succeeded to rally around the broad objectives of the ANC the majority of the broad leadership in our country, black and white, and thus further weakened the regime by deepening its domestic isolation,” said Mbeki.

Central bank governor Ernest Addison said in May that Ghana faced an overall balance of payments deficit of $934." The protests entered a second day on Wednesday. “He said that the reality, however, was that, in his words, ‘I have betrayed Mwalimu’.5 million in the first quarter of 2022, compared with $429.9 million in the same period last year. Barimah says,"I campaigned for President Akufo-Addo to come to power. Analysts said the decision should help Ghana deal with its challenges. He described this as a defeat for Zambia and himself, and said they had to act to reverse it. “We have long waited for this to happen because we could tell it wasn’t going to get better anytime soon,” said William Duncan, founder of the Ghana-based Spear Capital & Advisory. What is our crime? We can't afford rent and we're sleeping outside.

“Now that the IMF has been engaged, it will be interesting to see how government spends on their flagship programmes and social interventions.” Ghana’s dollar-denominated sovereign bonds rallied sharply with issues maturing in 2027 jumping more than 7 cents in the dollar to trade at their highest level since May. President Akufo-Addo has turned deaf ears to our plight. When Tambo was changing sleeping locations all over Zambia, ducking apartheid security forces, said Mbeki, it was Kaunda who decided to accommodate Tambo at his State House, which was heavily guarded. “The first gain for Ghana will be improved international confidence in the country’s capacity and efforts to weather the crisis,” said Leslie Dwight Mensah, Economist and Research Fellow at the Institute for Fiscal Studies in Accra. Hundreds took to the streets in Accra this week to protest against spiraling inflation and other woes. We won't stop demonstrating until things get better in Ghana. Growth slowed to 3. “The critical outcome of that process of talking to the ANC resulted in ensuring that by the time the regime lifted the ban on the ANC in 1990, we had succeeded to rally around the broad objectives of the ANC the majority of the broad leadership in our country, black and white, and thus further weakened the regime by deepening its domestic isolation,” said Mbeki.

3% year-on-year in the first quarter of 2022 and inflation hit a record of 27. "But unfortunately, we're discussing the demonstrators and the police.6% in May. The central bank raised its main interest rate by 200 basis points to 19% last month, the second hike this year to buttress macroeconomic stability. I would advise the leaders of the demonstrators to stick to the original plan of highlighting the challenges we're all faced with. “In the revolutionary memory it is not possible to separate these two African giants, KK and OR, recalling that they were to each other more than mere comrades in arms. (Reporting by Christian Akorlie in Accra Additional reporting by Bate Felix in Dakar, Cooper Inveen in Accra and Karin Strohecker and Rachel Savage in London Writing by Sofia Christensen Editing by James Macharia Chege and Alistair Bell) Our Standards: .