• Live Radio
  • Videos
  • About
  • Contact
  • Despite Media
Ghana Election 2020
  • Home
  • Local News
  • Politics
  • Showbiz
  • Sports
  • Business
  • Opinion
  • VIDEOS
  • Media
    • Videos
    • Audio
    • Live Radio
    • Photos
  • Election 2020
Local News
 
 
 
Home Business Economy 201903

IMF Board Commends Ghana’s Banking Sector Reforms

22-Mar-2019
/ Economy, Business
Email
Print
Comments 0
(0)
Comments
Share on Facebook Share on Twitter
 

The International Monetary Fund Executive Board has lauded authorities for strengthening the banking sector and resolving issues involving nine banks.

In a statement after the seventh and eighth reviews under the Extended Credit Facility (ECF) support arrangement for Ghana, the Board said the completion of the financial sector clean-up, as planned, would support the provision of adequate and affordable credit to the economy.

“The authorities deserve praise for strengthening the banking sector and for resolving nine banks. Completing the financial sector clean-up, as planned, will support the provision of adequate and affordable credit to the economy,” it said.

The Bank of Ghana, in 2017, began a comprehensive reform exercise of the banking sector with the objective of cleaning up the sector and strengthening the regulatory and supervisory framework for a more resilient banking sector.

It also increased the minimum capital requirement to 400 million cedis to ensure a more resilient banking sector.
In the process of the clean-up, the Bank of Ghana revoked the licenses of seven insolvent banks.

The completion of the reviews under the ECF supported arrangement will make available about 185.2 million dollars to the country.
The Executive Board also approved the authorities’ request for a waiver of the non-observance of a few programme targets.

Ghana’s three-year arrangement was approved on April 3, 2015, for about 925.9 million dollars or 180 percent of quota at the time of approval of the arrangement.

It was extended for an additional year on August 30, 2017, and is to end on April 2, 2019.

The arrangement aimed to restore debt sustainability and macroeconomic stability in the country to foster a return to high growth and job creation while protecting social spending.

“The Fund congratulates the authorities for successfully completing the ECF supported programme and stands ready to support Ghana in its quest for economic prosperity,” the statement said.

It said government had achieved significant macroeconomic gains over the course of the ECF supported programme, with rising growth, single-digit inflation, fiscal consolidation, and banking sector clean-up.

It said continued macroeconomic adjustment should underpin those improvements, as the 2020 elections approached and called for sustained fiscal discipline to reduce financing needs and anchor debt dynamics.

Source: GNA

 

 
 

 

Comments ( 0 ): Post Your Comments >>

Disclaimer: Opinions expressed here are those of the writers and do not reflect those of Peacefmonline.com. Peacefmonline.com accepts no responsibility legal or otherwise for their accuracy of content. Please report any inappropriate content to us, and we will evaluate it as a matter of priority.
Featured Video
Previous Post

Withdrawal From IMF Caused Recent Cedi Depreciation – Former Bantama MP

Next Post

Cedi Depreciation Causes Fuel Price Hike For A Second Time In March

 
 

More Stories

Ambiguity Over IMF-Funded BoP Support Worrying – IEA
Concerns Heighten Over Declining Oil Production
Cedi Faces Pressure Amid US Debt Ceiling Negotiations
No Workers To Fill Vacancies In Germany, Grocery Bills Up 28.6% - A Look At Life in Europe's 'Economic Powerhouse'
IMF Loan "Will Not Spell The Immediate End" Of Economic Challenges - Akufo-Addo
Germany Falls Into Recession Following Inflation
E-levy Rakes In 11% Revenue For Q1 2023
BoG Takes Steps To Curb Cyber Threats
Banking Sector Showing Signs Of Recovery Post-DDEP
Next Post

Cedi Depreciation Causes Fuel Price Hike For A Second Time In March

  Ghana Business News

  • General News
  • Economy
  • Banking & Finance
  • Stock Market
  • Industry/Manufacturing


 
 

Other Economy Stories

  • Ambiguity Over IMF-Funded BoP Support Worrying – IEA

  • Concerns Heighten Over Declining Oil Production

  • Cedi Faces Pressure Amid US Debt Ceiling Negotiations

  • No Workers To Fill Vacancies In Germany, Grocery Bills Up 28.6% - A Look At Life in Europe's 'Economic Powerhouse'

  • IMF Loan "Will Not Spell The Immediate End" Of Economic Challenges - Akufo-Addo

  • Germany Falls Into Recession Following Inflation

  • E-levy Rakes In 11% Revenue For Q1 2023

  • BoG Takes Steps To Curb Cyber Threats

  • Banking Sector Showing Signs Of Recovery Post-DDEP

  • Financial Sector Recovery Strategy Ready By End-June – IMF

 

 
 

Popular Videos

GHANA MONTIE WITH MAC JERRY OSEI AGYEMAN on NEAT 100.9 FM (TUESDAY 30-05-23)

Kokrokoo Live On Peace 104.3 FM (29/05/2023)

YE KO FIE with OLA MICHAEL on NEAT 100.9 FM (MONDAY 29-05-23)

Peace Power Sports (29/05/2023)

Akan News @ 6pm On Peace 104.3 FM (29/05/2023)

Kokrokoo Discussion Segment On Peace 104.3 FM (30/05/2023)

Peace FM Online and Despite Media

peacefmonline.com offers its reading audience with a comprehensive online source for up-to-the-minute news about politics, business, entertainment and other issues in Ghana

Follow us on social media:

Category

  • Home
  • Local News
  • Politics
  • Showbiz
  • Sports
  • Business
  • Opinion
  • Trivia
  • Foreign
  • Audio
  • Photos
  • Videos
  • Elections
Decision Time
Ghana Election 2020 2016 Elections
Services
Live Radio Audio on Demand Ghana Elections Advertise with Us
Useful Links
Despite Media About Us Contact Us Feedback Form Terms and Conditions Privacy
Our Brands
Despite Media UTV Peace FM Okay FM Hello FM Neat FM Peacefmonline
  • About
  • Advertise
  • Terms & Conditions
  • Contact
  • Privacy

© 2020 Peacefmonline.com - An online portal owned and managed by Despite Media

  • Home
  • Local News
  • Politics
  • Showbiz
  • Sports
  • Business
  • Articles
  • Trivia
  • Foreign
  • Live Radio
  • Photos
  • Videos
  • Audio
  • Election 2020

© 2020 Peacefmonline.com - An online portal owned and managed by Despite Media