1st tranche $600m IMF ECF hits BoG account — Minister

The first tranche of $600 million of the country’s low interest $3 billion Extended Credit Facility with the Internation­al Monetary Fund (IMF) has hit the account of the Bank of Ghana.

The Minister of State at the Ministry of Finance, Dr Moham­med Amin Adam, disclosed this in Accra over the weekend, during the launch of the 30th annual meeting and anniversary of the Afrexim­bank.

The programme, the first to be held in Accra, on the theme: “Delivering the vision; Creating prosperity for Africans,” is sched­uled between June 18-21, 2023.

President, Nana Addo Dankwa Akufo Addo is expected to open the three-day programme, expected to be attended by 3,000 partici­pants from across the world.

It is expected to be attended by shareholders of the bank, heads of state, leaders and senior gov­ernment officials from within and outside Africa, ministers, central bank governors, chief executive of­ficers of major banks, non-banks, banking and financial experts, academics, development partners, non-governmental organisations, civil society organisations and small and medium-scale enterprises.

Dr Adam who chaired the pro­gramme said he and the govern­ment had been informed by the Governor of Bank of Ghana, Dr Ernest Addison, of the money hitting the BoG account.

The Minister of State said the funds would be useful for balance of payment support and fund the 2023 budget.

“The amount will help stabilise the forex market, reduce interest rate and tame inflation,” he stated.

The IMF Executive Board last week approved the $3 billion Extended Credit Facility to help address the current crisis Ghana was going through.

Dr Adam said the objective of the IMF programme was to help restore macroeconomic stability, reduce interest rate and inflation.

“The $3 billion ECF is meant to help Ghana restore debt sustain­ability and promote growth of the economy, “ he stated.

Dr Adam lauded Afreximbank for the decision to host the 30th annual meeting in Accra.

“We hope the meeting will delib­erate and come out with solutions to problems facing Africa,” he stated.

The Minister of State at the Finance Ministry said Afreximbank was one of the reliable develop­ment partners of Ghana, providing financial support to the govern­ment and private sector.

Speaking at the launch, the Pres­ident and Chairman of the Board of Directors of the Afreximbank, Professor Benedict Oramah, touted the role Ghana had played in pro­moting Pan-Africanism, and com­mended the government for the decision to host the programme in Accra.

“The choice of Ghana as host of Afreximbank’s 30th annual meeting and anniversary wasn’t a difficult one. First, Ghana is the birthplace of Pan-Africanism, and its pioneer and successive leaders have shown unwavering commit­ment to the Pan-African ideals. Also, the recent successful Year of Return ushered in a new sense of belonging and oneness irrespective of geographic boundaries,” Prof. Oramah stated.

He said the meeting would dis­cuss challenges facing Africa and proffer solutions to address them, indicating the meeting would spe­cifically discuss issues on finance, energy, and transportation,” he stated.

Prof. Oramah said the choice of the overarching theme “Delivering the Vision: Building Prosperity for Africans” was informed by the critical role that Afreximbank had played over the last three decades in the promotion of economic integration in Africa through support for intra-African trade and investment, diversification of sources of growth and exports for inclusive growth and shared prosperity.

The Governor of the Bank of Ghana, Dr Ernest Addison, said Afreximbank had been one of the great partners of Ghana.

He said when other development partners shied away from Ghana because of the current financial crisis the country was facing; Afreximbank came to the aid of Ghana.

Dr Addison wished Afrexim­bank well for a successful confer­ence in Ghana.


Show More
Back to top button