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IMF approves $3 billion credit facility for Ghana

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The International Monetary Fund (IMF) has approved about $3 billion 36-month Extended Credit Facility arrangement for Ghana.

The IMF Executive Board of the lender says the ECF arrangement is built on the government’s Post COVID-19 Program for Economic Growth (PC-PEG), which aims to restore macroeconomic stability and debt sustainability and includes wide-ranging reforms to build resilience and lay the foundation for stronger and more inclusive growth.

The body says the decision will enable an immediate disbursement equivalent to SDR 451.4 million (about US$600 million).

In a joint press conference with IMF Mission Chief, Stephane Roudet, Ghana’s Finance Minister, Ken Ofori-Atta stated that there was no urgency to return to the international financial markets.

“Our expectation is that in managing our expenditure and increasing our revenue … we then get our ratings up and make the country more attractive for foreign investors,” Ofori-Atta said.

Ghana is one of many countries that are suffering from previously unheard-of delays in receiving bailouts. China is Ghana’s largest bilateral creditor, owing the country a total of almost $1.7 billion, although Western creditors and China disagree on the most effective means of debt relief.

The Paris Club at the weekend announced that official sector creditors of Ghana had formed a committee co-chaired by China and France for debt restructuring talks.

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Socialist Party accuses Zambian ruling UPND of abducting its candidates

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Zambian opposition party, the Socialist Party (SP), has accused the ruling United Party for National Development (UPND) of masterminding the abduction of its candidate for the Kaunga Ward by-election in Luangwa district of Feira Constituency, Maneya Mwale.

The SP, in a statement in Lusaka, also called on security agencies to arrest the UPND’s Lusaka Province Chairperson, Obvious Mwaliteta, for the alleged abduction of Mwale.

SP’s Vice President, Dr Cosmas Musumali, said Mwaliteta should be arrested together with his District Chairperson, Anderson Banda.

Musumali, who made the call at a media briefing in Lusaka, alleged that Mwaliteta, Banda and other people mentioned kidnapped his party’s candidate.

He also accused the ruling party and President Hakainde Hichilema of being behind such activities that had continued to happen in all the ward elections in the country.

“Those who know this President know that he micromanages everything. He has hands on type of leadership and this kidnapping have not happened once but have been happening, nothing has been done, no one has been arrested, what’s the conclusion, the conclusion is that he is okaying it, he sees nothing wrong with it and the Head of State who swore to uphold the rights and Constitution of Zambia,” Musumali said.

“This is something that can not be done without HH tolerating it, facilitating it and even giving it a go ahead. If it’s done once I would agree with you that some rogue UPND members did it outside his control,” Musumali added.

He also claimed that the UPND was not ready to uphold the democratic tenets of the country and were using all means necessary to win the elections.

“The candidate in Kaunga Ward, like in the other 6 Wards, was abducted during the nominations day, which forced the Socialist Party to look for other candidates and Hichilema has remained silent on such activities,” Musumali noted.

Musumali further called on the Electoral Commission of Zambia to invalidate the nominations for Chikenge and Chisanga wards and set a new date for filling in of nominations.

“We further demand that the Commission should ban the UPND from participating in these two wards due to the crimes committed, which are against the electoral code of conduct,” he demanded.

He expressed that “hell would have broken lose had it been the other way round, and that Socialist Party leader Dr Fred M’membe would have been called all sorts of names by the UPND and their surrogates.”

“This is the winning formular for the UPND, kidnapping, abductions have become child’s play for them, they are endangering people’s lives, you have the audercity to abduct a 22 years old girl and pointing a gun to her head,” Musumali said.

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Nigeria’s bleak economy will turn around by December— Tinubu

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President Bola Tinubu has once again assured Nigerians that the country’s wobbling economy will experience a complete turnaround by December.

Tinubu, who gave the assurance on Friday when state governors and the leadership of the National Assembly paid him a courtesy visit in Lagos, said he was very optimistic of the economy bouncing back by the end of the year due to the reforms and policies of his administration.

The President added that to achieve this, there must be a unity of purpose and deeper collaboration among the Federal Government, state governors and members of the National Assembly to achieve national development goals.

“Our economy has turned the corner. In the coming months, the economy will roar back to glory. By December, I hope we will have cause to celebrate,” Tinubu said while addressing his visitors.

In a statement after the meeting released by the President’s Special Adviser on Media and Publicity, Ajuri Ngelale, Tinubu said the hardship Nigerians are currently going through will soon be over once the economy recovery process is completed.

Also speaking at the event, Vice President Kashim Shettima expressed optimism about the resurgence of the country’s economy and called for collective efforts to propel the nation forward.

“Let us unite, rally around our leader, and catapult this nation to a greater pedestal. By December, I hope we will have a reason to celebrate. Let us coalesce to take the nation to a greater pedestal.

“This gathering cuts across ethnic, religious, and political lines. Here, we have Pastor Eno of Akwa Ibom and Father Hyacinth of Benue, and as the President was seated, he was asking, ‘Where is Wammako, where is Yari’?

“That is the hallmark of true leadership. What binds us together supersedes whatever it is that may divide us,” the VP said.

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