World Economy

Ghana Told to Adopt New Revenue Plan

Ghana Told to Adopt New Revenue PlanGhana Told to Adopt New Revenue Plan

Ghana must legislate new measures to boost revenues by at least 0.5% of gross domestic product before the IMF reviews a $918-million credit deal next month, the fund said. The West African nation must also outline plans to clean up the financial sector and show stronger commitment to cut debt, including limiting its next eurobond for budget support to $500 million, IMF said in a document seen by Reuters. Finance Minister Ken Ofori-Atta said last week the government planned to issue up to $2 billion of sovereign issuance by June to pay down debt that hit 68.7% of GDP last November and help finance the 2018 budget. Ghana is seeking a combined fifth and sixth review of the IMF program in early April, government and IMF sources told Reuters. The fifth review, originally scheduled for December, had delayed pending implementation of benchmark structural reforms. “Parliament to adopt revenue measures equivalent to 0.5% of GDP (one billion cedis or $224.5 million) by March 31 and do more later,” the fund said.


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