The United Nations Economic Commission for Africa (UNECA) has announced the launch of a Liquidity and Sustainability Facility (LSF), which will enable African governments access to liquidity structure on par with international standards and also save African governments $11 billion a year in interest costs. This was disclosed in a statement by UNECA on Wednesday at the
Parliament, throughAct 1068 passed into existence the 1% Covid Health Recovery Levy on all goods and services consumed in the country. The 1% Covid Health Recovery Levy according to government is to help raise revenue to support Covid-19 related expenditure and also help improve the country’s current fiscal situation. The introduction and subsequent passage of the
Banks in the country going forward are expected to pay 5 per cent of gross profits to government. The new directive contained in the 2021 Budget Statement and presented to Parliament on March 12, by Minister for Parliamentary Affairs, Osei Kyei Mensa-Bonsu, is to help defray outstanding commitments – locked up funds – in the
Nigeria attracts $9.22 bn diaspora remittance in H1 2021, increases by 16% Diaspora remittances into Nigeria increased by 15.6% QoQ to $9.22 billion in H1 2021 compared to $7.98 billion recorded in the second half of 2020. It also represents a marginal 2.2% increase compared to $9.02 billion recorded in the corresponding period of 2020.
Ghana’s growth rate has been revised to 4.7 percent by the International Monetary Fund (IMF). The revision by the IMF in its October 2021 World Economic Report reflects a 0.1 percentage points upward revision by the Bretton Wood institution from an earlier growth rate projection of 4.6 percent for the country. The IMF’s new growth rate projection is
In recognition of the devastating effects of the COVID-19 pandemic on African economies, the President of the African Development Bank, Akinwumi Adesina, says the bank is willing to help West African countries accelerate growth and development to ensure economic stability. Speaking at the opening of the 59th ECOWAS Heads of State and Authority summit in
Multilateral institution, the International Monetary Fund (IMF) has projected Ghana’s total debt stock to hit 86.6 percent in 2025 According to the IMF, Ghana’s debt stock is expected to continue on an elevated path reaching 81.5 percent this year, 83.2 percent in 2022, and further to 84.8 percent, 86.0 percent and 86.6 percent in 2023,
World Bank-UNESCO-UNICEF report lays out the magnitude of the education crisis This generation of students now risks losing $17 trillion in lifetime earnings in present value, or about 14 percent of today’s global GDP, as a result of COVID-19 pandemic-related school closures, according to a new report published today by the World Bank, UNESCO, and UNICEF.
Ghana has on several occasions warnings and alerts from rating agencies and major multilateral institutions such as the World Bank, IMF, and Fitch Ratings over its stagnant revenues and rising debt vulnerabilities. Fitch Ratings for instance, in June, reviewed downwards Ghana’s Long-Term IDR from ‘B’ to ‘B-‘ indicating an increase in the country’s default risk in repayment of its
The International Monetary Fund is responding to the policy challenges of a fast-changing global economy still reeling from the COVID-19 crisis: it is modernizing the way it provides its regular policy advice to member countries—a process known as surveillance. The regular health check of members’ economies, known as the Article IV consultations, will continue to cover