The third tranche of the International Monetary Fund's (IMF) 360 million dollar release is expected to hit Ghana’s account today, Monday, July 1, following a successful review of the country's performance by the Fund.
According to the IMF, Ghana’s performance under the programme has been generally strong.
Already, the Finance Minister and the IMF's country manager are expected to hold a joint news conference this afternoon to disclose the details of the latest development.
Read also: IMF on Ghana: We’re working to get third tranche approved by end of this month
But speaking to the media, the Finance Minister Dr Mohammed Amim Adam said he is hopeful of better days for the economy.
"After meeting the requirements for the second review following the staff level agreement, I am glad to announce that the IMF Executive Board approved Ghana's second review with an overwhelming support for Ghana.
"This is coming after an earlier approval of the first review in January 2024. This is an important positive development in our journey towards macroeconomic stability," the Minister added.
Meanwhile, the Chief Executive Officer of the Chamber of Independent Power Generators, Ghana (IPPS), Dr Elikplim Kwabla Apetorgbor, says the Independent Power Producers (IPPs) have not agreed to a haircut after six years of negotiation with the government of Ghana.
According to Dr Elikplim Kwabla Apetorgbor, the Minister of Finance, Dr Mohammed Amin Adam’s statements on the matter are misleading and inaccurate.
“The last engagement with some of the IPPs and the government of Ghana's negotiating team occurred in April [2024] and since then, no agreement on any terms have been reached.
Read also: IMF Board to approve $360m third tranche by end of June
"The posture and generalisation that the government has secured a debt restructuring agreement with the IPPs are misleading and amount to public deception”, he added.
“We urge the Minister of Finance to refrain from making such inaccurate statements and to engage in transparent and honest communications”, he pointed out.
He concluded that the IPPs remain committed to constructive dialogue and finding a mutually beneficial resolution to the ongoing discussions.
But Joy Business understands that only two IPPs, CenPower and Amandi accepted the government’s proposal to restructure the IPPs' debt.
The rest, Karpowership, Twin City Energy, Sunon Asogli, Cenit Energy and AKSA rejected the haircut proposal by the government of Ghana.
Latest Stories
-
Parts of Accra floods again after hours of rain
6 mins -
Standard Chartered records profit before tax of ¢1.36bn inn 2023
17 mins -
Half of my ministers will be NPP and NDC members – Alan Kyerematen
29 mins -
Robust partnership between Africa and Europe in mining sector key to meeting UN SDGs – Lands Minister
42 mins -
Pius O Praiz expresses gratitude to God with ‘Mii Da Bo Shi’
42 mins -
We have to question what is wrong with our democracy – Prof Baffour Agyeman-Duah
1 hour -
My name resonates with voters more than Bawumia and Mahama – Alan
1 hour -
MIIF introduces GH¢20m scholarship programme to enhance women’s role in mining
1 hour -
EC agrees to NUGS proposal, sets up voter transfer centers on campuses
1 hour -
Financing gap threat to Africa’s SDGs aspirations – Akufo-Addo
1 hour -
Akufo-Addo’s four-point agenda to accelerate SDGs implementation
1 hour -
Livestream: Supreme Court hears anti-LGBTQ bill case today
2 hours -
ECG fully complies with Cash Waterfall Mechanism for the second time
2 hours -
We don’t know election year, we’re neutral and can strike at any time – CLOGSAG
2 hours -
NSMQ2024: Serwaa Nyarko SHS secures debut national championship slot
2 hours