Following Ghana’s decision to run back to the International Monetary Fund amidst its economic woes, the West African country has revealed it is likely to ask much as $1.5 billion from the IMF.
The country’s Finance Minister, Ken Ofori-Atta made the revelation in a phone interview with Bloomberg, shortly before talks begin with the IMF.
Ghana, the highest gold producer in the world is in a quest to strengthen its finances and regain access to international capital markets after dwindling effect that came with the Covid-19 pandemic.
The minister, Ken Ofori-Atta recently announced that the West African country is committed to managing its debt without assistance from the International Monetary Fund (IMF).
But president Nana Addo Dankwa Akufo-Addo, in a statement issued last week authorized the Finance Minister to begin discussion with the monetary body following a telephone conversation between the President and the IMF Managing Director, Miss Kristalina Georgieva.
Ofori-Atta stated that it was a hard decision, but the right one “because the global outlook was really grim and its negative effects on the Ghanaian economy was glaring.”
According to the World Bank, Ghana’s rapid growth was halted by the COVID-19 pandemic, the March 2020 lockdown, and a sharp decline in commodity exports.
Nigeria: President Buhari makes U-turn on approval of Exxon unit acquisition by Seplat
Nigeria’s President Muhammadu Buhari has made a U-turn in his earlier position that grant approval of Exxon Mobil’s sale of local offshore shallow water assets to Seplat.
President Buhari had on Monday approved the $1.28 billion transaction, only for the Nigerian Upstream Petroleum Regulatory Commission to say it opposed the deal, although it did not give a reason.
Presidential spokesman Garba Shehu, told newsmen that “the president has decided to allow the regulator to do their work. He is withholding his earlier given approval, for now, to allow the process to be completed, that is basically it.”
In February, Seplat Energy Plc, unveiled plans to acquire the entire share capital of Mobil Producing Nigeria Unlimited (MPNU) from Exxon Mobil Corporation Delaware (USA Incorporated). That includes all of Exxon’s entire shallow water assets in the Niger Delta.
Seplat on its side said it is yet to received no official notification of President Buhari’s U-turn and is seeking clarification from authorities.
Nigeria climbs to fourth position on World Bank’s list of most indebted nations
Nigeria has moved into the fourth position of World Bank’s list of countries with the highest debts, according to the Bank’s financisl report released on Monday.
Going by the World Bank Fiscal Year 2022 audited financial statements for International Development Association (IDA), Nigeria now owes a debt stock of $13bn as at June 30, 2022.
The country also moved up one spot from the fifth position it was rated as of June 30, 2021, with an IDA debt stock of $11.7bn.
The global bank also revealed in its audited financial statements that Nigeria has accumulated about $1.3bn IDA debt within a fiscal year, adding that the debt is different from the outstanding loan of $486m from the World Bank’s International Bank for Reconstruction and Development.
What this means is that Nigeria now has the highest IDA debt in Africa, and is only bettered by the likes India with $19.7bn debt, Bangladesh, $18bn
and Pakistan, $15.8bn, all from the Asian bloc.
The Washington-based international Financial Institution also disclosed that Nigeria’s debt which may be considered sustainable for now, is fast growing into a state of vulnerability and could become costly.
“Nigeria’s debt remains sustainable, albeit vulnerable and costly, especially due to large and growing financing from the Central Bank of Nigeria,” it said.
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