Browsing: Ghana’s economy

Ghana parliament Approves Plan to Borrow $750 Million Loan From Afreximbank www.theexchange.africa
  • The Ghanaian parliament has approved a proposal by the government to borrow up to US$750 million from Afreximbank
  • A seven-year portion of the loan is broken up into two parts: one for US$102.19 million with an interest rate of 6.49 per cent overall, including fees, and another for 101 million dollars with a rate of 9.55 per cent overall
  • In June, Finance Minister Ken Ofori-Atta requested parliament to accelerate the authorisation of the loans

The Ghanaian parliament has authorised a proposal by the government to borrow up to US$750 million from the African Export-Import Bank for the 2022 budget.

In June, Finance Minister Ken Ofori-Atta requested parliament to accelerate the authorisation of the loans.

However, differences have held up the process even though the country faces skyrocketing inflation, lacklustre economic growth and a tumbling local currency.

The vote by the deadlocked parliament eliminates a significant obstacle for the government of …

Ghana’s public debt rose to $45.4 billion due to the impact of COVID-19 according to the Central Bank of Ghana.

The bank said that for the first seven months of 2020, provisional data on budget execution, showed an overall budget deficit of 7.4 per cent of GDP, against the revised the target of 7.2 per cent of GDP as the pandemic continued to impact fiscal operations.

In a press release the bank said that the primary balance also recorded a deficit of 3.7 per cent of GDP, above the planned target of 3.4 per cent of GDP.

“Over the review period, total revenue and grants amounted to GH¢27.7 billion ($4.8 billion) compared with the target of GH¢26.8 billion ($4.6 billion). Total expenditures and arrears clearance amounted to GH¢56.2 billion (9.7 billion), above the target of GH¢53.3 billion ($9.2 billion). These developments impacted the stock of public debt which rose to