Ghana receives $3bn International Monetary Fund bailout - BBC News
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- Опубліковано 15 лип 2024
- Ghana has just signed a new bailout programme with the International Monetary Fund (IMF) worth $3bn (£2.4bn).
Ghana, long seen as one of Africa's best run countries, has been struggling to recover from the combined effects of the global Covid pandemic and the war in Ukraine.
President Nana Akufo Addo admitted last October that the country was "in crisis" citing "malevolent forces [that] have come together at the same time".
But the opposition also blames the crisis on what it calls the "gross mismanagement" of the economy - an allegation the government has denied.
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#Ghana #BBCNews
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That is not Ghana flag on the thumbnail, that is Mali's flag
I’m glad I’m not the only one that noticed. Lol
Yea
Like yoh!.. it's disgusting the level of laziness by these media platforms..
Classic BBC.
Go back and watch the thumbnail again it's Ghana flag 🇬🇭
Ghana needs to stop borrowing recklessly
Unfortunately, this president and his cousin (the finance minister) do not understand this basic economic principle. Nothing will change after this IMF program!
The good old IMF debt trap.
Ghana has sealed their own fate, a really stupid move!
Why didn't they ask China for the money?
The IMF dont force countries to apply. The gov applied and negotiated cause they spend more than they could afford.
How do u not know this, its basic stuff
Ghana gov itself ask the money lmao
better start to live like in Lebanon or Sri Lanka if you don't want the debt
@@nenasiek You maybe think they don't force countries to apply but why are Ghana in the situation to take an IMF loan in the first place??? The American empire uses its Imperialist organisations to force countries into these situations.
Do you honestly think the US care about Ghana when they have destroyed so many countries??? Get real!
By way of the ignorant President they have in place.
Money will go straight into pockets of crooked politicians.
Typical in Africa
😂😂😂 The president and his family
Fact
Nothing will change in the country
Fact
Making money is an action. Keeping money is behavior. Growing money is knowledge.
Seems like your knowledge is limited to only money. In the world of economics resources are far more superior and valuable, Gold is what is used to back your currency and oil is literally liquid gold. Overall Ghana needs to invest in many other industries to keep things moving, once that is in the process then a stable currency will prosper. Ghana would need intelligent officials who can see through debt traps and have the brains to handle with inflation.
I'm Nigerian. Our economy is trudging through a similar episode. I really wish the finance ministers and ecomonics teams of Ghana and Nigeria could meet and share mutual views on how to move forward. They're the two largest economies in West Africa.
Nigeria is in a fairly better situation than Ghana... All we need in Nigeria is an exit of Buhari’s administration
Ghana is worse
I feel bad for Ghana taking funds from the IMF, Ghana was becoming too economically independent, so the west needed to mobilize their economic hitmen. Ghana's exports used to be more than its imports at some point. Meh, the key to economic growth has been and will always be education and technology. Majority of African countries don't even have basic commodities such as food, water, electricity and healthcare, Ghana has a decent education system and is at 86% on electricity which is far more than many African nations which is pretty impressive for an African country. Overall once a country takes from the IMF, economic hitmen will always be laughing
💯
Why the need of always involving Nigeria name in others countries issues
What exactly went wrong? The president of Ghana went wrong.
I’ve gotten so used to the IMF putting conditions on bail-outs that countries aren’t in a position to meet that I was genuinely shocked when I read that headline. I hope this means Ghana will get to see things improve
Then don't go bankrupt. Most of these countries just mismanage resources and taxpayers money. Corruption is the biggest factor African countries won't be able to sustain themselves
We would hope so. But sadly corrupt Leaders will pocket the money like they have been doing.
@@simba8665 Do you understand how IMF loans work, all its all about corruption in your Head Simba. IMF destroys economies through these loans
@@lraney3688 This government hasn't pocket the money in their wallet. They have being doing great jobs. The NDC are the ones sabotages everything in Ghana
They can look for other sources if they don't want strings attached . Do u expect money to be given out just like that
Ghana, once proud, now caught in a bind,
Bending the knee to the IMF, they find,
Economic struggles, debts on the rise,
Seeking assistance, no need for disguise.
But let's break it down, analyze the game,
Structural adjustments, they bring the pain,
Austerity measures, sacrifices made,
People suffer, hopes begin to fade.
Ghana's sovereignty, now put on hold,
In the hands of the IMF, we're told,
Conditional loans, strings attached,
Struggling to keep their own plans matched.
But Ghana's spirit won't be crushed,
Resilience shines, it won't be hushed,
From the ashes, they will rise,
Breaking free from these economic ties.
IMF Won’t Save Us: This Is The Only Way Out For Africa
ua-cam.com/video/YgvfbMmLUMw/v-deo.html
well don't ask for loans then
Yeah who's fault is it but that corrupted wicked leader calked Nana Addo..
Until Ghanaians open their eyes and vote in a leaders who is bold and want to develop Ghana then it will be a slave to the lender.
So we have a leader who has sold his soul, has no compassion. And America is supporting him by giving this money nearer elections. What have you promised Kamala vice president when she visited Ghana in March? It does not matter the party. What matters is having a leader who has an ambition to help the people and develop the country. Those who vote by tribe see how wicked this leader is. Yet these Sam visionless people will vote for him. The Ashanti tribe because they are so tribalistic. They don't vote to help the country.
He will use the money for campaign. But he will not win. This man has destroyed our economy.
I am telling you all reading this, watch there will be a thunder from heaven. God will show He is God in Ghana. This evil leader who has brought Ghana to it's knees will see heaven speak. Nana Addo you have brought embarrassment to Ghana, a riding star. But the star will rise again when God removed you.
🙄🙄🙄😀😀😀😆😆😆😂😂😂🤣🤣🤣
Lemme guess , AI wrote this for you ..
New rich coming to Ghana 🇬🇭 that money will be stolen 😂😂
Africa has always been battling with debts all because of mismanagement
That's what happens when my president keeps borrowing money and don't pay back. Now China is taking over certain aspects of the economy because of unpaid debts
To be fair, this is how the IMF system is designed. Keeps dependency.
The powers that be really want Ghana's Cobalt.
Child labor laws be damned!
They want the gold and cocoa too.
Don't worry Ghana will just swap flags with Mali. The IMF will be confused who to send the bill to.
Sold their souls for bailout..sad..
Well, since the soul is a human construct I'd say that's one hell of a bargain!
Why didn't they lend the money from Russia or China?
@@juliarichter6987 cause russia is broke and china has already lent huge sums that theyll cant get back either
@@juliarichter6987 not much they can do with rubles lol and China’s loans are both high in interest rates and short in the time limit (they need to be paid back quickly). Another reason is that China already has a harbor in Ghana, so the CCP has nothing of importance to gain there
@@zwcdamien Exactly.
All great but far from the issue at hand, I urge Ghanaians and Africans as a whole to invest in technology as well. Knowing very well you'd be speaking on BBC, He should've considered a better video call setup to improve the quality. I am tired of seeing poor video call quality only when it comes to us.
IMF debt trap, the choke hold around Ghana has just been tightened and it will suffer more than it gains from this smoke screen "$3Bn"
Mismanagement on the part of government. Huge size of government, leaving already started projects of the previous government to rot and start new ones instead of continuing from where the previous government ended. The country is in leadership crisis.
That's why Rwanda's economy is on the rise. The west likes it when our leaders rotate often.
@@patrickrealestate-8193 true
Oh and let's add the unnecessary creation of new regions and new ministries which only increases Ghana's expenditure
@@felixotoo100 expect your personal and corporate taxes to go up as well.
In exchange for the loan, Ghana has agreed to implement a number of austerity measures and structural reforms.
IMF argues that these measures are necessary to reduce Ghana's budget deficit and restore economic growth. However, critics argue that the measures will have a negative impact on the poor and vulnerable.
Here are some of the specific austerity measures and structural reforms that Ghana has agreed to implement:
Increasing taxes: Ghana has agreed to increase taxes on fuel, luxury goods, and corporate profits.
Reducing public spending: Ghana has agreed to reduce public spending on wages, goods and services, and capital projects.
Privatizing state-owned enterprises: Ghana has agreed to privatize a number of state-owned enterprises, including the Ghana National Petroleum Corporation and the Electricity Company of Ghana.
Privatizing state-owned enterprises: Ghana has agreed to privatize a number of state-owned enterprises, including the Ghana National Petroleum Corporation and the Electricity Company of Ghana.
Liberalizing the trade regime: Ghana has agreed to reduce tariffs and other trade barriers.
Reforming the financial sector: Ghana has agreed to reform the financial sector by strengthening the regulatory framework and improving the governance of banks.
The IMF has said that Ghana's economy is expected to grow by 5.5% in 2022 and 5.8% in 2023. However, the IMF has also warned that Ghana's debt is at a high level and that the country will need to continue to implement reforms in order to reduce its debt burden.
The impact of the IMF's austerity measures and structural reforms on Ghana's economy is still uncertain. However, it is likely that the measures will have a negative impact on the poor and vulnerable.
At least 3 billion for chelsea football club, 300 billion for the west london area, 3 trillion for the country #InvestAndMarryIntoLiteralAfrica
The flag on the thumbnail ain't Ghana flag 😒 🙄
A bailout is a nice way of putting it.
Money from the IMF is more like indentured servitude.
you have already sold your country to china in case you have not realised. better start learning mandarin now
Ghana should have lend money from China to pay back their credits. Why didn't they?
Yeah considering one of your last comments is about nuking ukraine im gonna assume you dont really know how anything works.
Your profile matches with your mentality.
@@juliarichter6987 cause China already loaned them money which they cant get back, hence why the IMF is stepping in
That's not the Ghana flag in your thumbnail.
Meaning giving bk money robbed from the country 😂😂😂
Yep! They buy raw materials and rare minerals at a low price, make profits from them, and then lend us money from the profits they made. They make even more money from the interest on the loans.
Im sure this money will help the wonderful people of Ghana. It most certainly wont be stolen by corrupt officials who couldn’t care less about the well being of their population to buy new yachts.
Nah
The gov will gladly spend it as usual.
Corrupt snakes
I'm afraid, the clueless president and his cousin (the finance minister) have already devised a plan to squander this money. Nothing will change after this IMF program. The president doesn't care about his own people. All he cares about is how to make his immediate family and friends rich through corruption
Sarcasm...
The money will definitely be stolen by our corrupt politicians💯
Hehehehe the sarcasm
It will be stolen my brother...I believe you're just being sarcastic lol
How much will end up as property investments in London?
17 times now, we have learnt nothing
Wonder why they keep messing up ?
Wonder how many American taxpayers had to foot that bill
Make research your taxes are never part of any bail out, your country prints money faster than you can blink
The IMF yearly quota for the US is $118 billion. This is a yearly membership.
funnily enough the bailout is mainly for the lenders, these countries themselves would be better off if there was more capital market discipline in lending to them but the IMF is basically set up and paid for so that western pensioners lose less money on their "emerging market bonds". You heard what they said right, that government was spending 75% of its income on debt service. If the bank gave me a mortgage in 2006 that had a servicing cost of 75% of my after tax income at a 100% loan to value of the house would you say I am the problem for taking that loan or the bank is? The lender is taking the risk not the borrower, so the lender should not lend when the borrower is this over leveraged.
Robbed and triilion and giving bk 3bn American taxpayer fund terror
and then these ppl we send aid to will turn around and insult/hate America. Over it.
I'm so tired of that .
Let's hope they stop scamming us now!!!
scamming , that is sad do you know how much gold and resources you guys take from Ghana ? , we just have bad management and leadership , Ghana should have been one of the richest nations
@@amswil3232 they didn’t take it, they loot us and stole everything, rape women and kill kids then take the men for slavery
First of all who's "Us"? 🤣. Secondly The only ones being scammed are the citizens of Ghana
U sound funny...lmao
No, they won't.
They will still try to scam us Through Bitcoin Scam Bots or Love Scam.
"You will own nothing and be happy" - World Economic Forum
Yeah
@@vervetech9395 own this🖕
@@vervetech9395 anti-Semite
That’s great
#BBC your thumbnail for this video is inappropriate. The flag in the image is that of Mali!
I remember Ghana got debt relief and now it is getting bail out.
they just sealed their fate. IMF owns them now
Which country has IMF help to grow apart from helping it die. IMF is like a pain killer.
Will it abide by agreement to restrain spending ????
THE BIG QUESTION
Why doesn't Edwin Akufu help out? Man these billionaires!!
You mean loan to keep them as debt slaves forever?
Thats what China is doing in Africa
The unfortunate fact about this bailout is,
1. Will the poor benefit from it
2.How much of the said amount is going to be wasted and ends up in the greedy politicians pocket?
3. With 2024 fast approaching, Election and other events approaching, how much of the said money is going to be used in conducting the election?
And lastly, the negative impact is going to have on some of us living abroad when sending back home. The depreciation of the £££...
Oppressor Oppressor
Why don't we help our people who are homeless or families having issues ?? They would not help us . We are helping people who scam us at every opportunity they have .
The IMF is American dumb dumb, this is not help, this is keep a country with resources in demand in the shackles of debt.
Can you compare our 'little scams' to the rape/exploitation of our resources by the west?😡
You think it's free money
Tell her😂
Sorry to say, but it's not your money; it's not free money either. America and the world bank never give anything FREE.
That’s not Ghana’s flag on your thumbnail
This is not a bailout but a high interest debt trap and reforms of how to handle its internal affairs.
china has already beaten the IMF to that im ghana’s case 😆
@@Kevin-fq3zh Utter nonsense. China & Russia have written plenty of debt in Africa as well as helped build African countries. The USA certainly hasn't. Go wash your own brain instead of letting the likes of the BBC do it for you 👍🏿
Ghana should have lent money from Chiba to oay back its depts.
Then why did the gov ask for the land?
@@Kevin-fq3zh I don't think so. China is late to the game, in my opinion. They all want exclusive access to exploit Ghana's rare minerals, raw materials, and natural materials at a bargain price.
It's sad that African leaders don't know the true value of their rare minerals.
They sell them low (exports), buy back the refined products high (imports). They take a loss and then have a need to borrow money just to repeat the cycle all over again.
Their problem is exporting the raw materials. It does not create jobs.Here are some of the disadvantages to exporting raw materials:
Low value-added: When a country exports raw materials, it is essentially selling them at a low price. This is because the value of the raw materials is not increased by any processing or manufacturing.
Volatility of prices: The price of raw materials can be very volatile. This means that the price can go up or down very quickly, which can make it difficult for countries to plan their economies.
Dependence on other countries: When a country exports raw materials, it becomes dependent on other countries for the processing and manufacturing of those materials. This can make the country vulnerable to changes in the policies of other countries.
So far, since Sep. 2022, electricity tariff have gone up by a cumulative figure of 75.32% (27% in Sep.2022, 29.96% in the last quarter of 2022 and 18.36% a few days ago).- Dr Ato Forson, Minority Leader
The comedian will come tomorrow to say Ghana beyond aid😄😀
RIP Nkrumah
WHO ARE THE DEBT HOLDERS?
Ghanain and Ecowas citizens should be incouraged to invest in the local economy through the GSE ( Ghana Stock Exchange). Issuing bonds could be an alternative to IMF with terms and conditions that keeps the economy down
Hadn’t the Ghana president said that he had decided not to request imf funds any more?
That 3 billion will go straight into the hands of the dictators in Ghana! Pity, Ghana is a beautiful country with good people living in there.
Dictators? Sorry
story for the gods
The flag on on the thumbnail is not the Ghanaian flag
Where you at, Uganda?
That's not our flag on the thumbnail.
The flag in the thumbnail is not that of Ghana's
why did this IMF people give them the money😡😡😡😡😡..its going to land the hand of all these corrupt politicians😭😭😭😭😭😭
Don't spend all of that money in one place!
Greed and corruption is the bane of Ghana.
This $3BN will go into unproductive ventures as usual.
The huge size of government still persists.
It's sad where Ghana is today.
Mismanagement is the main issues in Ghana.....
But at what cost
The owners of the resources are suffering 😢
...they will be talking about de-dollarization next week after collecting dollars 😅
The flag shown before the video begins is a flag that doesn't represent Ghana. Use the correct Ghana flag
Hey the flag shown in the thumbnail is not Ghana flag 🇬🇭. It’s Mali 🇲🇱.
BBC please that’s not a Ghana 🇬🇭 flag in the thumbnail
The definition of screwed.....
They should have taken the Chinese loan.
They already did 🤣
The Chinese loan didn't involve their establishment figures getting a brown envelope stacked with corrupt American Dollars.
They did and cant pay it back which is why the IMF is getting involved
What exactly went wrong is corruption and greed of our wicked politician
This is the type of leadership the west always want for Africa . this is prosperity for the west . the good leaders who refuse to do this are always eliminated .
Why? It doesn't help anyone apart from the bankers.
I cry for my country Ghana 🇬🇭 oh this leaders will eat the money a country that has oil gold and good land but our problems are our leaders.AMA Ghana 🇬🇭 I cry tears for our children who are coming 😢😢😢😢😭😭😭😭
That thumbnail is insane. That's not a Ghana flag
Egypt is taking the same path. Africa is going around in a vicious circle. Thr people pay a hefty price!
Sad yh?
This be sad 😭😭😭
See IMF, See failure!!!!!! 😅😅😅😅
what a shame
Just 3b. This Apple's petty cash
IMF Debt trap. I just wonder what strings are attached to this $3bn.
The flag displayed on your thumbnail is not that of Ghana, but rather the flag of Mali.
Where the money go?
Why cant you guy's do simple and basic research... ain't you paying your staff??... u cant be taking about Ghana and using another country on your thumbnail! .. that is NOT the Ghanaian flag,Jeezzz!!
Wrong flag on the thumbnail BBC
Poor Ghana
Mr bbc journalist the only solution to Ghana's economic stagnation is clear. The leaders we elect should form a small government, cuts spending and implement austerity measures in all sectors.This current administration appoints 110 ministers alongside huge spending. It is very sickning they keeps borrowing recklessly while the elites lives lavishly then we ordinary Ghanaians struggle to afford 3 square meal a day. Watching from Tripoli, Libya.
bf lang daw.
a big shame for us!
The 3 billion has been shared before it arrived.
WEF in control of IMF
The thumbnail even has wrong picture
That's not Ghana flag... Get your facts right
Better than giving it to Pakistan. 😂
My country Ghana when will we stop borrowing, well we need that money but we can equally do better
In Ghana there is no constant water , no constant Electricity and no proper roads and transport system in most communities.I don't know what the leaders are even doing with this money...The things i have named are the basics , just the basics.
Useless prodigy government
And ofcourse the hardworking people who provide this money have no say in this 🤢🥳
The case of Toxic Charity. At this stage IMF bailout is doing more harm than good. It encourages indiscipline, poor governance and reckless spending. Why? because IMF is there to always bail them out.
Don't forget IMF will collect their money back with interest.
The flag on thumbnail is Mali 🇲🇱 and not Ghana
Economic Maguire
Osayyyy GH we cash out 🤣🤣🤣🤣🤣🤣
😂😂😂😂😂😂😂 all this money is going to be split amongst the people in government and nothing will happen!!!!!
Kenya 🇰🇪 my country is using 70% of taxes on paying debt.
NPP thieves don't misappropriate the loan for your useless dome. IMF, please make sure money goes to the right projects to benefit the country rather than the thieves.
African states like Somalia need no big government. Everything is filled by the private sector. Beyond security and certain basic public service the private sector must do it
Countries that heavily borrowed from china like Ghana, Kenya and Zambia are feeling the pinch of economic downturn