The Ghana Statistical Service reports that the country’s inflation rate decreased from 40.1% in August to 38.1% in September 2023. (GSS).

According to the GSS, the drop in inflation was brought on by lower prices for both food and non-food items. While non-food inflation decreased from 30.9% to 29.3%, food inflation dropped from 51.9% in August to 49.4% in September.

• August saw a reduction in inflation to 40.1% from 43.1%.

The decrease in inflation, according to Government Statistician Prof. Samuel Kobina Annim, is a good development.

Good news has arrived for Ghanaian consumers and businesses with the decline in inflation.

It indicates that prices are increasing more slowly, which will increase purchasing power and increase economic activity.

The Ministry of Finance has urged Ghana’s bilateral creditors to reach an agreement on debt relief terms as soon as possible in order for Ghana to receive the second tranche of the $3 billion International Monetary Fund (IMF) bailout package.

He thanked the IMF for providing Ghana with the necessary assistance in its efforts to turn the economy around.

In a tweet, Mr Ofori-Atta said, “Great meeting with @KGeorgieva during the #IMFMeetings.” SLA for first review was recently met, which was discussed. We are grateful for the strong IMF support and urge bilateral creditors to reach an agreement on debt relief terms as soon as possible. #GhanaRising”.

The International Monetary Fund says it is waiting for the outcome of Ghana’s engagement with its bilateral creditors before releasing the next tranche of the $3 billion facility.

This was disclosed by the IMF Managing Director, Kristalina Georgieva, in a tweet on Wednesday after meeting Ghanaian officials to discuss the way forward.

Ghana recently reached a staff-level agreement with the IMF following a review of the country’s economic progress after the first tranche of $600 million was disbursed.

Georgieva congratulated Ghana on securing the staff-level agreement.

https://x.com/oofmghana/status/1712036518519267750?s=20

Before delivering the next tranche of the $3 billion bailout package, the International Monetary Fund (IMF) said it will await the conclusion of Ghana’s engagement with its bilateral creditors.

The IMF’s Managing Director, Kristalina Georgieva, revealed this in a tweet on Wednesday after meeting with Ghanaian officials to discuss the next steps.

Following an assessment of the country’s economic growth and the disbursement of the first tranche of $600 million, Ghana recently struck a staff-level agreement with the IMF.

Georgieva complimented Ghana on the achievement of the staff-level agreement.

In a tweet, she said “Great to meet @MoF_Ghana Min Ofori-Atta & @thebankofghana Gov Addison at #IMFMeetings. Congrats on the recent staff-level agreement on the Fund-supported program’s first review. Counting on bilateral creditors reaching agreement on debt relief soon to move the review forward.”

The IMF and Ghana reached a staff-level agreement on October 6 on economic policies and reforms to conclude the first review of the country’s three-year program under the Extended Credit Facility.

This agreement is subject to approval by the IMF’s Executive Board and receipt of the necessary financing assurances.

The IMF has praised Ghana’s strong policy and reform commitment under the program, which it says is bearing fruit and leading to signs of economic stabilization.

In a report, the IMF noted that growth in 2023 has proven more resilient than initially envisaged, inflation has declined, the fiscal and external positions have improved, and the exchange rate has stabilized.

• IMF must police customs exemption reductions – IEAG 
• Ghana likely to go for IMF programme extension – Prof Bokpin 

Meanwhile, the Ministry of Finance has appealed to its bilateral creditors to quickly agree on current debt relief terms to enable Ghana to secure the second tranche of the package from the IMF.

“Grateful for strong IMF support, and calling on bilateral creditors to agree on debt relief terms as quickly as possible,” the Ministry posted on its X (Twitter) handle.

Customers of the collapsed Gold Coast Fund Management Company spent the night at the entrance of the Finance Ministry to press home their demand for the release of their locked-up funds.

According to the group an amount of GH¢8.6 billion which was approved by Parliament to settle its members, has not yet been given to them, hence the protest.

• Gold Coast Fund customers appeal to President

The customers, who had come from different parts of the country, vowed to picket at the Finance Ministry for 48 hours in an attempt to drum home their demands, but their efforts did not receive the necessary attention from the ministry.

The group’s convener, Charles Nyame, says that the decision to spend the night at the ministry is intended to send a strong signal to the government, urging them to fulfil their financial obligations.