Second tranche of IMF loan will help stabilize exchange rate – Prof Quartey

The Director of the Institute of Statistical, Social, and Economic Research (ISSER), Professor Peter Quartey, has expressed confidence in the country’s ability to secure a deal with bilateral creditors by February.

According to him, this will help the exchange rate stabilize.

“For us to get the second tranche [funds], it is dependent on us getting into an agreement with external creditors.

"If that happens, then certainly we are likely to see some stability in the exchange rate market and that drives inflation and a lot of activities on the business front. So, if the exchange rate is relatively stable, we are likely to see some gains,” he was quoted by myjoyonline.com.

Meanwhile, the International Monetary Fund (IMF) has scheduled January 11, 2024, as the proposed board meeting date for cash disbursement, subject to the country reaching a deal with its bilateral creditors.

On the issue of new taxes, Prof. Quartey said: “Of course, the new taxes as we mentioned, depend on when it becomes operational.

"I heard GRA [Ghana Revenue Authority] says it is now setting up the system so it might not kick off in January [2024]. But as soon as it kicks in, we’ll find costs going up" he added.

SSD/SARA

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