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IMF bailout: Mahama dismisses reports of retrenchment in 2017
Posted by admin on 24th April 2015

President John Mahama has dismissed reports that there will be layoffs in the Public sector in 2017 as a result of the IMF bailout.

Media reports suggest that some government workers will be retrenched as a result of the 918 million dollars support being offered the country by the Bretton Wood institution.

But reacting to the reports at a program in Koforidua in the Eastern region Friday, Mahama said it appears some people are misconstruing an impending rationalisation exercise in the public sector for retrenchment.

Meanwhile, Ghana will receive the second tranche of the financial package from the International Monetary Fund (IMF) in July this year.

This was announced in a report by the IMF.

Ghana’s Central Bank received the first tranche of the $918 million bailout package from the International Monetary Fund (IMF) on Tuesday April 14.

The amount is expected to shore up the ailing Cedi which has already depreciated by close to 15 per cent this year after a marginal stability in the last quarter of last year following the infusion of $2.7 billion into the economy through an oversubscribed $1-billion Eurobond instrument and a $1.7-billion syndicated loan from the Ghana Cocoa Board.

Source: Ghana/