IMF Deal Likely to Give Ghana $3bn – Governor Addison

Governor of the Bank of Ghana (BoG) Dr Ernest Addison has said the negotiations with the International Monetary Fund (IMF) is likely to give Ghana $3 billion over a 3-year period.

He said this while answering questions at the Monetary Policy Committee (MPC) press conference in Accra on Monday, November 28.

Ghana is currently seeking a programme with the Fund.

Government officials including the Finance Minister Ken Ofori-Atta have indicated that the negotiations are going smoothly.

During the MPC press conference, Dr Addison announced that the policy rate has been increased to 27%.

He also indicated that inflation has remained elevated.

This is driven largely by food pricing pressure and also the decline in the Cedi strength.

Consumer confidence dipped on account of rising inflation, he added.

Regarding the banking industry, he said the sector remained profitable