• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Economy Macros

Ghana set to request for a $1.5 billion loan from the IMF

Ubah Jeremiah Ifeanyi by Ubah Jeremiah Ifeanyi
July 6, 2022
in Macros
Ghana , Cocoa Traders

Ken Ofori-Atta, Ghanaian Finance Minister

Share on FacebookShare on TwitterShare on Linkedin

Ghana is likely to ask the International Monetary Fund (IMF) for as much as $1.5 billion in a quest to strengthen its finances and regain access to international capital markets.

This was disclosed by the country’s Finance Minister, Ken Ofori-Atta in a phone interview with Bloomberg, hours before talks begin with the IMF in the nation’s capital, Accra.

Until now, Ghana, the continent’s second-biggest gold producer, had 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.

RelatedStories

IMF projects reduced economic growth for Sub-Saharan Africa

IMF flags cross-border crypto risks for Nigeria as global market surges 1,511% in five years 

July 9, 2025
IMF, Import restrictions

IMF flags absence of social buffer for poor Nigerians amid reforms 

July 8, 2025

What Ghana’s Finance Minister is saying

Ofori-Atta stated that it was a hard decision, but the right one “because the global outlook was really grim and its negative effects on the Ghanaian economy was glaring.”

After Moody’s Investors Service cut Ghana’s rating, the nation lost access to overseas capital markets and “hence our inability to get the needed dollars, which created balance of payment problems and a possible rundown of our reserves.”

Ghana will present the IMF with its own plans. The nation’s finance ministry said on Tuesday in an emailed statement that the government’s plan, which would last at least three years, aims to restore debt sustainability and macroeconomic stability, improve the monetary policy of the central bank, and provide buffers against economic shocks.

“This program allows for a catalytic engagement, including regaining access to the capital market,” Ofori-Atta said in the interview, adding that Egypt’s talks with IMF earlier this year encouraged the North African nation to sell Samurai bonds.

What you should know

  • The Ghanaian cedi came under pressure after racking up a whopping loss of 22.44% against the US dollar. This comes despite the attempt by Ghana’s central bank to hike interest rates to offset shortfalls caused by global tensions in Europe
  • Ghana’s foreign-exchange reserves have dropped to $8.3 billion at the end of April, from $9.7 billion at the end of last year.
  • The nation’s central bank in May lifted its benchmark interest rate by 200 basis points to 19% in a bid to slow inflation, which accelerated at 27.6% in May.

Furthermore, the conflict between Russia and Ukraine is expected to have a substantial impact on Ghana’s exchange rate, particularly in the construction, agriculture, and international trade sectors.

Russia and Ukraine accounted for around 2.5%  of Ghana’s total, non-oil imports and 0.4%  of Ghana’s total exports in the recent past.

Ghana has been working to reduce its debt, which at the end of March 2022 was 78% of its GDP, up from 62.5% five years earlier.


Follow us for Breaking News and Market Intelligence.
Tags: GhanaIMFInternational Monetary FundKen Ofori-Atta
Ubah Jeremiah Ifeanyi

Ubah Jeremiah Ifeanyi

For further inquiries about this article, contact: Email: Ifeanyi.ubah@nairametrics.com Twitter: @ubahjc Linkedln: Jeremiah Ubah

Related Posts

IMF projects reduced economic growth for Sub-Saharan Africa
Cryptos

IMF flags cross-border crypto risks for Nigeria as global market surges 1,511% in five years 

July 9, 2025
IMF, Import restrictions
Economy

IMF flags absence of social buffer for poor Nigerians amid reforms 

July 8, 2025
IMF tells FG to increase electricity and fuel prices by phasing out subsidies
Economy

Nigeria’s fiscal deficit may hit 4.7% of GDP in 2025 – IMF 

July 3, 2025
IMF, Import restrictions
Economy

IMF backs CBN’s tight monetary policy to curb inflation

July 2, 2025
IMF tells FG to increase electricity and fuel prices by phasing out subsidies
Companies

2025 Article IV: IMF commends Nigeria’s economic reforms

July 2, 2025
GDP
Economy

IMF raises Nigeria’s 2025 GDP growth forecast to 3.4%

July 2, 2025
Next Post
Investing: DMO says FGN Savings Bonds offers best value for Nigerians

Debt Management Office releases FGN's N720 billion bond issuance plan for Q3 2022

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank








DUNS

Recent News

  • Investing in a volatile world: Strategies for Gen Zs, millennials, and retirees
  • TikTok removes over 3.6 million Nigerian videos in Q1 2025  
  • Superman opens with N133.7 million ticket sales at Nigerian box office

Follow us on social media:

Recent News

Investments

Investing in a volatile world: Strategies for Gen Zs, millennials, and retirees

July 15, 2025
TikTok

TikTok removes over 3.6 million Nigerian videos in Q1 2025  

July 15, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics