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IMF Reaches Staff-Level Agreement on a $3 billion, three years Extended Credit Facility with Ghana

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IMF Reaches Staff-Level Agreement on a $3 billion, three years Extended Credit Facility with Ghana

IMF staff and the Ghanaian authorities have reached staff-level agreement on economic policies and reforms to be supported by a new three-year arrangement under the Extended Credit Facility (ECF) of about US$3 billion.

The authorities’ strong reform program aims at restoring macroeconomic stability and debt sustainability while protecting the vulnerable, preserving financial stability, and laying the foundation for strong and inclusive recovery. To support the objective of restoring public debt sustainability, the authorities have launched a comprehensive debt operation.

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In addition to a frontloaded fiscal consolidation and measures to reduce inflation and rebuild external buffers, the program envisages wide-ranging reforms to address structural weaknesses and enhance resilience to shocks.

Accra, Ghana: An International Monetary Fund (IMF) team led by Mr. Stéphane Roudet, Mission Chief for Ghana, visited Accra during December 1 – 13, 2022, to discuss with the Ghanaian authorities IMF support for their policy and reform plans.

At the end of the mission, Mr. Roudet issued the following statement:

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I am pleased to announce that the IMF team reached staff-level agreement with the Ghanaian authorities on a three-year program supported by an arrangement under the Extended Credit Facility (ECF) in the amount of SDR 2.242 billion or about US$3 billion. The economic program aims to restore macroeconomic stability and debt sustainability while laying the foundation for stronger and more inclusive growth. The staff-level agreement is subject to IMF Management and Executive Board approval and receipt of the necessary financing assurances by Ghana’s partners and creditors.

“ The Ghanaian authorities have committed to a wide-ranging economic reform program, which builds on the government’s Post-COVID-19 Program for Economic Growth (PC-PEG) and tackles the deep challenges facing the country.

“Key reforms aim to ensure the sustainability of public finances while protecting the vulnerable. The fiscal strategy relies on frontloaded measures to increase domestic resource mobilization and streamline expenditure. In addition, the authorities have committed to strengthening social safety nets, including reinforcing the existing targeted cash-transfer program for vulnerable households and improving the coverage and efficiency of social spending.

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“Structural reforms will be introduced to underpin the fiscal strategy and ensure a durable consolidation. These include developing a medium-term plan to generate additional revenue and advancing reforms to bolster tax compliance. This will help create space for growth-enhancing measures and social spending. Efforts will also be made to strengthen public expenditure commitment controls, improve fiscal transparency (including the reporting and monitoring of arrears), improve the management of public enterprises, and tackle structural challenges in the energy and cocoa sectors. The authorities are also committed to further bolstering governance and accountability.

“To support the objective of restoring public debt sustainability, the authorities have announced a comprehensive debt restructuring. Sufficient assurances and progress on this front will be needed before the proposed Fund-supported program can be presented to the IMF Executive Board for approval.

“Reducing inflation, enhancing resilience to external shocks, and improving market confidence are also important program priorities. Accordingly, the Bank of Ghana will continue to strengthen its monetary policy framework and promote exchange rate flexibility to rebuild external buffers. As part of the authorities’ debt strategy, a domestic debt exchange has been launched. The authorities are committed to taking the necessary mitigation measures to ensure financial sector stability is preserved.

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“IMF staff held meetings with Vice President Bawumia, Finance Minister Ofori-Atta, and Bank of Ghana Governor Addison, and their teams, as well as representatives from various government agencies. The IMF team has also continued to engage with other stakeholders. Staff would like to express their gratitude to the Ghanaian authorities, Parliament’s Finance Committee and all the private sector, trade union, and civil society representatives for their open and constructive engagement over the past few months.”

 

Source: IMF

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Nigeria

REIGNING WITH CHRIST IN MY KINGDOM BY HER MAJESTY, DR. JOSEPHINE DIETE-SPIFF ESQ, JP, QUEEN OF TWON BRASS KINGDOM, BAYELSA STATE, NIGERIA. (SERIES TWO)

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HER MAJESTY’S SERVICE

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I ascended the throne as Queen of Twon Brass Kingdom in Bayelsa State in
1994, when I married my husband, the Amanyanabo (King) of Twon Brass Kingdom, His Eminence, King Alfred Papapereye Diete-Spiff, Officer and Commander of the Federal Republic of Nigeria (OFR, CFR).

A Queen is a mother to all within her traditional domain; as a mother, she reflects the conscience of her domain and is an agent of positive change. We, as queens, deserve the opportunity to contribute our share to societal development, starting from our domain, but the patriarchal nature of most African traditions, which places women as second-class citizens, often does not give queens the full opportunity to play this role.

Thankfully, my King supported me in all my developmental efforts, even though some people opposed my desire to do good for the citizenry.

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However, that did not stop me, as I constantly reflected on the sayings of Theodore Roosevelt, a former American President, who, in emphasizing the importance of mothers to societal development, said,
”The mother is one supreme asset of national life; she is more important by far than a successful statesman or businessman or artist or scientist”. I decided to be the mother God bestowed on me.

I have been a spiritual guide and a development initiator, especially for the women, youth, and children of Twon Brass Kingdom, helping the king build a more progressive community.

My first visit to the kingdom, when I was officially recognized, was in 1998. There, I organized a prayer meeting for the women and established a revolving loan system to support their trade, leveraging my role as the Chief Executive Officer of Titare Microfinance Bank, Port Harcourt.

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At that time, I created the women’s executive council, and a woman leader emerged to manage the association, which rotates between the houses (the kingdom operates as a conglomerate of families) every two years. The youth executive and leadership already existed but were operated solely by the men.

As the Queen, I built relationships with the people, especially women and youth, by providing support, entertainment, seminars on peaceful coexistence, anti-vice initiatives, and Christian activities. The Elders and Chiefs, however, approached me with issues that bothered the Kingdom and required the King’s attention.

I started my foundation to support the kingdom’s widows, people with disabilities, and older adults, and in 2009 expanded its reach to the rest of Bayelsa, Rivers, and Delta States. Development can only thrive in an atmosphere of peace, so I have been advocating for actions that promote peace in the kingdom. These include youth and women’s empowerment, children’s education, and peaceful dialogues where necessary.

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As custodian of the people, I was always at hand to assist whenever needed. By the grace of God, I contributed in no small measure to the peace and stability of the kingdom. I started a trade for older women and established a means of sustenance within the women’s council. We held Christian meetings, prayer conferences, and games, and I created opportunities for the Kingdom’s prayer, redirection, repentance, and thanksgiving service. In all this, God was with me, initiating and protecting me and my every move.

With support from Nigeria Agip Oil Company (NAOC), a major company operating in my domain, a cold room was built for women to enhance their economic activities and in partnership with my private school, Titare Star Royal Academy (formerly Bereton College), 20 children received scholarships to complete secondary education as boarding students in the Rivers State capital, Port Harcourt.

At one time, I had 40 youths on my payroll to foster peace in the community. I supported these youths for two months from my meager earnings until I could secure support from NAOC.

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Those who excelled in entertainment games from my Kingdom, including six merit-selected children, less-privileged children, foundation members’ children, and children of Pastors, were offered free education, transportation, boarding, and medical care at my school.

I also helped many young people from my domain secure jobs. As a former Managing Director of a microfinance bank, I empowered women and young people to learn a trade. I worked with the Deputy Amanyanabo (Deputy King) for several years to maintain peace and order in the community. Because of my activities in the Kingdom, the king honored me with the title Twon Ibe Opuyingibo (the Great Mother of Twon Brass Nation).

In 2012, I became the chairperson of the Bayelsa State First Class Traditional Rulers’ Association after my king assumed office as the Bayelsa State Traditional Rulers’ Council Chairman. I led the women’s wing. As Chairperson, I galvanized the queens to focus on development. I created a slogan and an anthem for the organization, instituted a constitution, and registered it with the state as a social and developmental organization.

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I expanded the organization beyond first-class to include other classifications, giving every Royal home in the State recognition within the organization. I instituted a financial system and a dress code befitting Royalty and held seminars and conferences that taught the Queens ethical behavior, trade, self-esteem, self-reliance, public conduct, harnessing peaceful domains, and how to help advance their domains by supporting women’s and children’s development.

Our activities earned the organization government recognition, gave widowed queens a place of pride by retaining their recognition, supported Queens who needed legal, financial, and social help, and gave disadvantaged children from their domains free scholarships to study at my school.

I went further and instituted the Niger Delta Royal Queens Initiative, which I am currently the pioneer President of, to achieve broader developmental impact. I also support widows and the physically challenged through my foundation and office. I served as President of the Ladies Golf Association of Nigeria (LGAN).

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I currently head several organizations and have built positive legacies in society, for which I have received honors nationwide.

TO BE CONTINUED…

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