passed its third ECF review test<\/a><\/strong><\/span> with satisfactory results.<\/p>\nGhana entered into the ECF programme with the IMF in 2015, and the country is expected benefit from US$940 million in a number of tranches. Two tranches have already been disbursed.<\/p>\n
The head of the IMF mission, Joel Toujas-Bernat\u00e9 said, “We have seen most of the targets and performance criteria in the end of 2015 being achieved with just small exceptions. The economic performance has been slightly better than expected.”<\/p>\n
IMF talks ‘completely\u00a0i<\/strong>nconclusive’<\/b><\/p>\nBut speaking in an interview on the Citi Breakfast Show<\/strong>, Dr. Bawumia contended that the third review was actually inconclusive.<\/p>\nAccording to him, \u201cThe way it has been presented to the public, one would say that Ghana has passed the third review, the test. It will surprise you to know that in fact, that was not the case. The talks between the IMF and Ghanaian government were inconclusive, completely inconclusive.\u201d<\/p>\n
Dr. Bawumia, a former Deputy Governor of the Bank of Ghana, indicated that the IMF has not taken Ghana\u2019s proposal to its board for approval because it still has some concerns \u201cwhich they expect\u00a0Ghana to address before they go to the board.\u201d<\/p>\n
\u2018The banking sector risk\u2019<\/strong><\/p>\nOne of the major concerns of the IMF is Ghana\u2019s banking sector per Dr. Bawumia\u2019s submission, and he said the IMF is waiting for a plan aimed at addressing what he described as a potential crisis.<\/p>\n
\u201cOur banking sector today is in a potential crisis. The IMF wants something to be done about it, a plan to be presented about how we are going to recapitalize these banks. Some of the banks are in potential crisis from BDC exposures, from micro-finance exposures, from state-owned enterprises exposures. This is a major concern that the IMF has,\u201d he explained.<\/p>\n
IMF waiting for further documentation<\/strong><\/p>\nDr. Bawumia also noted that, as a caveat, some further documentation is required for the programme to move forward.<\/p>\n
\u201cBut if those things, those caveats, what is required at the end of the statement, which tells you things about the Bank of Ghana, the public financial management reform and so on, if those things are not done, the programme will not move forward,\u201d he stated.<\/p>\n
He maintained that if government did not satisfy the IMF, it would then mean they \u201chave failed the third review.\u201d<\/p>\n
“So government would like us to believe that they passed the test; but in fact, they have not passed the test. There is still work to be done and this is something we have to understand,\u201d he concluded.<\/p>\n
–<\/p>\n
By: Delali Adogla-Bessa\/citifmonline.com\/Ghana<\/p>\n","protected":false},"excerpt":{"rendered":"
Former Deputy Governor of the Bank of Ghana, and running mate of the opposition New Patriotic Party (NPP), Dr. Mahmudu Bawumia, has asked\u00a0Ghanaians to take government’s perceived progress in the International Monetary Fund\u2019s (IMF) review under the Extended Credit Facility (ECF) program with a pinch of salt. In his view, the perception\u00a0that “Ghana has passed […]<\/p>\n","protected":false},"author":14,"featured_media":221322,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[32,11],"tags":[],"yoast_head":"\n
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