rvp20182:
Kenya went with Nigeria and South Africa to IMF in 2020 during covid.
This 4th phase/review of that program with IMF - I think it's final review/funding.
Each phase IMF asses - and decide to release money if you're going the right direction.
As of now the top 10 countries under IMF include both South Africa and Nigeria.
Kenya is not in that list.

Going to IMF is like going to hospital.
You can take yourself.
Or they can come with an ambulance.


Many countries realized their economies were sick - definitely absolutely sick with lockdowns - and run to the doctor - IMF.

Ghana refused to do the rational and prudent thing in 2020.
And continue borrowing.

And now they want the ambulance to come rescue them.

But IMF hospital is full.

Why is IMF important - and why do country go for it.
It's not about the money.

What is 3 billion dollars...Kenya collect 2 billion every month.

IMF is about BUILDING confidence - building trust with debt market that loan govs - that you're making ammends, being a good boy and they can trust you.

Countries go to IMF to send positive signals that they are on the mend - IMF does this by recommending very heavy doses of injection. Unless you dont draw the money - just get precautionary overdraft facility - the moment you want money - IMF will demand serious reforms - Egypt for example have to privatize and drop some economic policies - or you go elsewhere - which is nowhere.

Without IMF - you die Zimbwabwe style.

Ghana is bleeding every day - because nobody trust the gov of Ghana - not domestic - least of all international.

What happens - nobody can lend them - USD goes haywire - debt triple in few months - everything become impossible - country goes to standstill.

Srilanka and Lebanon are richer countries than most in Africa.

Argentina and Greece are developed countries...but when you get into negative feedback loop...you're dead..same way you're on virtous loop..where positive sentiment reinforce each other.

End of day - everyone trying to predict the future - and they dont like taking obvious risk - they aint gonna bet on Ghana when it's bleeding.

IMF was created to be Last man standing.

you are so outdated with imf polices itself , the things is imf has went Into many stream of reforms , so they don't dictate , they only act as a regulator(marker) they allow you the borrower to come up with whatever policies you wish to come up with and they make sure you adhere by it, by marking your scorelines, they restore international confidence.

They are simply now a policy credibility agency. You can of course do without imf and come up with your homegrown solution but which international cooperate institution will be willing to trust you .

Imf instill confidence on the economy and ensure businesses stays. And in addition you received some cash to push up your reserve to ensure currency stability , what kenya has done continuously for 24 times ( A bigger reason for your fragile currency, it will have perform way poorer than sri lanka rupee , since your country is trading at negative for the past five years . Such a country is not better than ivory coast , how much more of Ghana.

Only country that received more revenue than what she incurred as expenditure can justify not needing imf at all as far as Africa country is concern.

vaxx:
you are so outdated with imf polices itself , the things is imf has went Into many stream of reforms , so they don't dictate , they only act as a regulator(marker) they allow you the borrower to come up with whatever policies you wish to come up with and they make sure you adhere by it, by marking your scorelines, they restore international confidence.

They are simply now a policy credibility agency. You can of course do without imf and come up with your homegrown solution but which international cooperate institution will be willing to trust you .

Imf instill confidence on the economy and ensure businesses stays. And in addition you received some cash to push up your reserve to ensure currency stability , what kenya has done continuously for 24 times ( A bigger reason for your fragile currency, it will have perform way poorer than sri lanka rupee , since your country is trading at negative for the past five years . Such a country is not better than ivory coast , how much more of Ghana.

Only country that received more revenue than what she incurred as expenditure can justify not needing imf at all as far as Africa country is concern.

I will cut you some slack for you're the only Ghanaian who understands why IMF is critical. Kenya understand the role of IMF... generally when problems start...you want to start talks early.Majority of facilities Kenya has taken are standby.. precautionary open credits that Kenya has not drawn.Of course once you balance the budget then you don't need IMF.Hopefully that doesn't come with Nigeria type lack of development and social investment.Nigeria operates undercapacity gov unable to provide almost any government services. Anyway imf play PR but conditions are conditions...that is why Ghana has been on talks for long... because your stupid gov are not being honest about their dire situations and the drastic measures needed.Most still think it's about the 3 billion..not the trust building

obaaderemi:
Yes, R I P, just like the indian Kamlesh Pattni scam that cost Kenya 10% of its GDP.
If you don't care about Indians and Jews robbing you blind, so why are you complaining about Dangote making money in his own country and employing people in the process? He faces a lot of challenges in his businesses in Nigeria also but remains undeterred. His cement is less than $5 here in Nigeria. With the way you always bitch here one would think a bag of cement was $1 in Kenya. Stupidd boy.
If not for this thread we wouldn't know cement was sold for almost $10 in Kenya.

After all that explain to me why Nigeria cement industry is still protected yet Dangote is internationally competitive .The answer will explain why you have I bet world highest cement prizes.Many countries in Africa started from high of 15 dollars a decade ago to now mostly about 5-8 dollars a 50 kg bag...still some way to Asia 3-4 dollars.That should be conversation...not history of last few months of market malfunctioning..when all your lifetime everything is messed up...not cement..not electricity..not sewage..not water.. nothing works you have accepted it's normal

Just40:
You don't seem to know how to read, so let me help you.

In 2021.. the total classified road network size is 94,200km while total road network of both classified and I classified is 109,515km as at 2009.

27% of 109,515km gives you 29,569.05km of paved road network as at 2017... Add the 10,875km of paved roads completed by 2021 May and you'll get 40,444.05km
This excludes additional 11,000km of road works still ongoing of which almost 5,000km had been completed in 2022.

This is more than double the fraudulent numbers your country bundle up as paved road network.... Let me hear your excuses of how Ghana has gold and oil as if Kenya doesn't have gold and oil.

What is laughable is that Ghana has more than twice your country highway network.

Your government is saying that in 2017 when your total road network was documented, you only had 18000km. 5yrs down the line, you've only added 68km of tarred/PAVED road. The rest (4000km) is a rehabilitation of the existing network: asphalt overlay/ re-carpeting, re-cycling, upgrading, etc.
2021 data from the same source(denoted with *) is an estimate/ projection. Which never came to fruition. So don't quote me with guesswork.

Heck! You're abnormal. If you can't read and comprehend, that is not my problem. If you can't believe the data from your 'own' government, then you're an unredeemable buffoon. I need to leave you in your utopia of fantasies and delusions.

GeneralDae2:
Kenyans just recently secured an IMF deal like Egypt. What I don't understand is why the Kenyans here are trolling Ghana, as though their situation is any better. Worst of it all is that while Ghana is seeking 3 billion dollars like the big boys they are, Kenya is seeking a paltry 433 million dollars.

IMF Reaches Staff Level Agreement on the Fourth Reviews of the Extended Fund Facility and Extended Credit Facility for Kenya
November 8, 2022

IMF staff and the Kenyan authorities have reached staff-level agreement on economic policies to conclude the fourth reviews of the 38-month EFF/ECF arrangements. Kenya would have access to about US$433 million in financing once the review is formally completed by the IMF Executive Board.
The new government has expressed strong commitment to the IMF-supported program.
The economy remains broadly resilient. However, volatile international commodity prices, tighter external financing conditions, higher inflation, global slowdown in growth, and continued drought have created a challenging backdrop for economic policy making.
Kenya’s program is helping the country through these global shocks by anchoring policies to support inclusive growth while addressing debt vulnerabilities.

So we should mute the tone towards ghana on their approaching 150% currency depreciation and the existing hyperinflation?

https://issafrica.org/iss-today/another-bailout-wont-solve-ghanas-economic-crisis#:~:text=Bloomberg%20says%20the%20Ghana%20cedi,from%205.2%25%20to%203.2%25.&text=Problems%20began%20when%20international%20credit,its%20unsustainable%20and%20growing%20debt.

Don't be a sympathizer. Deal with your OWN.

vaxx:
you are so outdated with imf polices itself , the things is imf has went Into many stream of reforms , so they don't dictate , they only act as a regulator(marker) they allow you the borrower to come up with whatever policies you wish to come up with and they make sure you adhere by it, by marking your scorelines, they restore international confidence.

They are simply now a policy credibility agency. You can of course do without imf and come up with your homegrown solution but which international cooperate institution will be willing to trust you .

Imf instill confidence on the economy and ensure businesses stays. And in addition you received some cash to push up your reserve to ensure currency stability , what kenya has done continuously for 24 times ( A bigger reason for your fragile currency, it will have perform way poorer than sri lanka rupee , since your country is trading at negative for the past five years . Such a country is not better than ivory coast , how much more of Ghana.

Only country that received more revenue than what she incurred as expenditure can justify not needing imf at all as far as Africa country is concern.

Vaxx my G, you're spot on. The only problem I have with you is peddling inaccurate information about Kenya. Understand what is BAILOUT, first. then distinguish it from the NUMBER OF IMF ARRANGEMENTS/DEALS.

FYI, we've only been to the IMF 22times since 1975. Out of those, 17deals were fully-fledged and the amount was drawn.

.

Nairobi City. From a resourceless country.
Brainpower economy.

.

QuietMynd:

Me reading ur nonsense post

Damon is savage

Shma2022:

Your government is saying that in 2017 when your total road network was documented, you only had 18000km. 5yrs down the line, you've only added 68km of tarred/PAVED road. The rest (4000km) is a rehabilitation of the existing network: asphalt overlay/ re-carpeting, re-cycling, upgrading, etc.
2021 data from the same source(denoted with *) is an estimate/ projection. Which never came to fruition. So don't quote me with guesswork.

Heck! You're abnormal. If you can't read and comprehend, that is not my problem. If you can't believe the data from your 'own' government, then you're an unredeemable buffoon. I need to leave you in your utopia of fantasies and delusions.

everyone can read except you ...

Keep writing thrash while tourist are busy thrashing your roadless country

Shma2022:

Vaxx my G, you're spot on. The only problem I have with you is peddling inaccurate information about Kenya. Understand what is BAILOUT, first. then distinguish it from the NUMBER OF IMF ARRANGEMENTS/DEALS.

FYI, we've only been to the IMF 22times since 1975. Out of those, 17deals were fully-fledged and the amount was drawn.

You forgot to add the 2 bailout you signed unto last year ..

That should bring you to. 24... Good boy

Steve Hanke

Thanks to sky-high inflation, Nigerians don't know the price of anything anymore. Today, I measure Nigeria's annual inflation at a soaring 60.40%/yr. It's time for Sleepy Buhari to wake up.

Ghaana gone...Steve Hanke


Ghana Statistical Services reports that inflation has hit 40.4%/yr in October—a 21-yr high. That's the official rate. It's WRONG. Today, I accurately measure Ghana's inflation at a stunning 156%/yr.

East Africa Regional force will try to fix DRC (new member). The troops will be made up of Kenya, Burundi, Uganda, DR Congo, and South Sudan. Tanzania already has Special Forces in the DRC. Kinshasa refused Rwanda's request to join the EAC force.

Kenya has sent 1000 troops - and previously a quick reaction force under the UN operates there.


One FN Scar the KDF are issued with can finance 100 G3 Nigeria army are armed with.

rvp20182:
Ghaana gone...Steve Hanke


Ghana Statistical Services reports that inflation has hit 40.4%/yr in October—a 21-yr high. That's the official rate. It's WRONG. Today, I accurately measure Ghana's inflation at a stunning 156%/yr.

Your country just took another 3 billion dollars from the world Bank ... Keep sinking yourself deeper into this debt crisis you're facing .

The Ghanaian economy is busy growing on the back of manufacturing at a rate higher than expected.

Ghana will spend next year going through a disinflation process that will see inflation drop to 15%.

That means everything in Ghana will be a lot more cheaper than it is in Kenya currently is.

As we speak, Kenya has been suffering from hyperinflation for the better part of one year now. How are you guys even managing with those high prices?

Just40:
Your country just took another 3 billion dollars from the world Bank ... Keep sinking yourself deeper into this debt crisis you're facing .

The Ghanaian economy is busy growing on the back of manufacturing at a rate higher than expected.

Ghana will spend next year going through a disinflation process that will see inflation drop to 15%.

That means everything in Ghana will be a lot more cheaper than it is in Kenya currently is.

As we speak, Kenya has been suffering from hyperinflation for the better part of one year now. How are you guys even managing with those high prices?

Kenya with Tea as their biggest export is having a debt profile of over 80 Billion dollars close to that of Nigeria (100 Billion dollars). Madness.

Maybe one of Ghanian here can help us understand this. Write in Twi.

Just40:
Your country just took another 3 billion dollars from the world Bank ... Keep sinking yourself deeper into this debt crisis you're facing .

The Ghanaian economy is busy growing on the back of manufacturing at a rate higher than expected.

Ghana will spend next year going through a disinflation process that will see inflation drop to 15%.

That means everything in Ghana will be a lot more cheaper than it is in Kenya currently is.

As we speak, Kenya has been suffering from hyperinflation for the better part of one year now. How are you guys even managing with those high prices?

Debt is not paid by exports.
Debt is paid by gov revenues..in form of taxes.
Half that debt - 40B dollars is local debt to be paid in Kshs.
Half that debt - is foreign debt
Only 15% of that debt is commercial - the rest are concessional zero interest debt.

Now how does Kenya pay external debt - with negative trade balance?

We have other sources of forex - KQ airline bring in forex from Nigeria - Kenya subsidiaries operating in region in bring forex - UN in Nairobi alone can bank almost a billion forex - foreign investors in Nairobi stock exchange bring in forex - NGOS operating from Nairobi bring in forex - International companies operating from Nairobi as their HQ to rest of Africa bring in forex.
- Remittance bring in forex.
- Tourist bring in forex

There are many ways to get forex - OPEN UP YOUR ECONOMY - FREELY FLOAT NAIRA - ALLOW FREE INFLOW /OUTFLOW OF CAPITAL(forex)

Nigeria you're in Kenya before 1993 - you'll always struggle with forex - until you reform - allow Naira to devalue - find it base - and find its strength. Remove all forex controls and many windows - Let the forex market work it magic - forex will flow in and out - and it become a Non-issue like Kenya - everyone know they can walkto the bank buy or sell forex anyday

And it also help that we dont import lot of things..and build local industrial capacity.

Conclusion - Kenya have never had any forex shortages - we dont know what black market for forex means - you walk to the bank and get you forex since 1993.

Before that we were like Nigeria. There were forex shortages, you had to be political connected to be sold forex, bla bla. Once we reformed and floated KSHs - and remove all capital controls - forex flows in and flows out.

Kenya always has more than 4 months cover of forex for all imports.

KSHs since 1963 - has stayed stable.

From 1963 to 1993 - it remained at 20shs to dollar.

1993 we had hyper-inflation for six months - it went to 60 Kshs dollars. It was horror. Ghana is gong through it now. And nigeria too.

Then we reigned on - came to 45 then went back to 75

Then for two decades it stayed just there 63 - 85.

Recently rose to 100 - stayed there.

And now 120.

GeneralDae:

Kenya with Tea as their biggest export is having a debt profile of over 80 Billion dollars close to that of Nigeria (100 Billion dollars). Madness.

GeneralDae:

Kenya with Tea as their biggest export is having a debt profile of over 80 Billion dollars close to that of Nigeria (100 Billion dollars). Madness.

complete madness

rvp20182:
Maybe one of Ghanian here can help us understand this. Write in Twi.

noise

You have nothing else to say... While your president is telling you he won't borrow... He's busy taking 3 billion from WB

Borrowing from WB is brilliant if they can give you 3Billion - run for it.
Most of their loan are zero interest and long maturity - 30/50yrs.
Who wouldnt not want to borrow such "free" money.

Unfortunately I doubt the WB can loan us 3 billion.
This is why WB need reforms - and the South Africa/China/Brazil thing - was trying to come up with alternative bank - because US/EU have refused for WB/IMF to be capitalized...so it can respond to development needs better.

This why we have Africa Dev Bank, East Africa Dev Bank and say Asia Dev Bank.

What countries should be very careful with is commercial loans with variable interest like Eurobond or borrowing from say Citibank US.

Interest risk and short maturity risk - that is the problem. If interest rise to 30 percent like now in Ghana - how will gov of Ghana pay - it has to increase taxes 30 percent - impossible - if there is COVID/Ukraine - and you have 4yrs to repay - problems.

Just40:
noise

You have nothing else to say... While your president is telling you he won't borrow... He's busy taking 3 billion from WB

GeneralDae:

Kenya with Tea as their biggest export is having a debt profile of over 80 Billion dollars close to that of Nigeria (100 Billion dollars). Madness.

Your tea stance does not make sense!

without human intervention, tea will not be produced. Minerals are free gifts. You just need a white man to come and extract it for you, then boom! Dollars left right center. Farming requires human effort; brain and strategy. Farming is part of cerebral-driven economy.
Your ZOO; Nigeria, has been extracting oil ("free" gift from nature) for a whopping 70years. I expect Nigeria's poverty rate & economy to be at par with her peers, UAE, and whatnot.

Reduce poverty rate before we can have a conversation. You can't have a huge GDP with low HDI. Focus on human development. Your currency is terrible. You're the disgrace of Africa.

Kenyan total debt(both external & internal) sums up to $72B there about and on a downward trajectory.
Nigeria has $68B in external debt alone, which is nearly double that of Kenya. You should get worried about your external debts - since your currency is going to dogs.

Just40:

You forgot to add the 2 bailout you signed unto last year ..

That should bring you to. 24... Good boy

From your @ss or what? Do you know the meaning of BAILOUT?

Ghana with all the resources and infrastructure deficit is wallowing in debts( with 17 straightforward bailouts) how does this sound to you?

Kenya needs IMF more than any west African country. Ghana is not drought-infested like Kenya, why are you borrowing too much?

Shma2022:

Your tea stance does not make sense!

without human intervention, tea will not be produced. Minerals are free gifts. You just need a white man to come and extract it for you, then boom! Dollars left right center. Farming requires human effort; brain and strategy. Farming is part of cerebral-driven economy.
Your ZOO; Nigeria, has been extracting oil ("free" gift from nature) for a whopping 70years. I expect Nigeria's poverty rate & economy to be at par with her peers, UAE, and whatnot.

Reduce poverty rate before we can have a conversation. You can't have a huge GDP with low HDI. Focus on human development. Your currency is terrible. You're the disgrace of Africa.

Kenyan total debt(both external & internal) sums up to $72B there about and on a downward trajectory.
Nigeria has $68B in external debt alone, which is nearly double that of Kenya. You should get worried about your external debts - since your currency is going to dogs.

Lamba

without human intervention, tea will not be produced. Minerals are free gifts. You just need a white man to come and extract it for you, then boom! Dollars left right center. Farming requires human effort; brain and strategy. Farming is part of cerebral-driven economy.

Save the lecture and export more than tea.

Nigeria has $68B in external debt alone,

Where do you guys get this false information from? Nigeria has a debt of 102 Billion dollars presently. 40 Billion dollars are external and 62 Billion dollars are internal.


Kenya’s newly elected president, William Ruto, has earned more legal space to borrow for his grandiose economic plan after parliament recently raised the country’s public debt ceiling to KSh10 trillion (US$100 billion). The new administration says the country is broke but Kenya is already living beyond its means and the World Bank has warned of a high risk of debt default. We asked Odongo Kodongo, a finance scholar, to explain the debt ceiling and why Kenya needs to pay more attention to it.

Just40:
everyone can read except you ...

Keep writing thrash while tourist are busy thrashing your roadless country

Our road quality index is waaay above Ghana. Don't spew nonsense with your 18,000km road network.

Ghana is in debt distress. More than 70% of your total revenue goes to debt servicing. You don't have money to expand your road network.

rvp20182:
Borrowing from WB is brilliant if they can give you 3Billion - run for it.
Most of their loan are zero interest and long maturity - 30/50yrs.
Who wouldnt not want to borrow such "free" money.

Unfortunately I doubt the WB can loan us 3 billion.
This is why WB need reforms - and the South Africa/China/Brazil thing - was trying to come up with alternative bank - because US/EU have refused for WB/IMF to be capitalized...so it can respond to development needs better.

This why we have Africa Dev Bank, East Africa Dev Bank and say Asia Dev Bank.

What countries should be very careful with is commercial loans with variable interest like Eurobond or borrowing from say Citibank US.

Interest risk and short maturity risk - that is the problem. If interest rise to 30 percent like now in Ghana - how will gov of Ghana pay - it has to increase taxes 30 percent - impossible - if there is COVID/Ukraine - and you have 4yrs to repay - problems.

Kenya is broke abd without any profitable ventures to use debt to invest into... Any additional debt is just a death warrant

GeneralDae:

Lamba


Save the lecture and export more than tea.


Where do you guys get this false information from? Nigeria has a debt of 102 Billion dollars presently. 40 Billion dollars are external and 62 Billion dollars are internal.

Your total debt has increased from $100B to $103B as of March this year.

https://www.reuters.com/world/africa/nigerias-public-debt-rises-103-billion-second-quarter-2022-09-20/

Ohh yeah, $63B domestic debts.

So fix your zoo. It has more problems - slightly better than DRC.

GeneralDae:

.


Kenya’s newly elected president, William Ruto, has earned more legal space to borrow for his grandiose economic plan after parliament recently raised the country’s public debt ceiling to KSh10 trillion (US$100 billion). The new administration says the country is broke but Kenya is already living beyond its means and the World Bank has warned of a high risk of debt default. We asked Odongo Kodongo, a finance scholar, to explain the debt ceiling and why Kenya needs to pay more attention to it.

Debt ceiling still stands at 50%. Don't post propaganda.

.

Shma2022:

From your @ss or what? Do you know the meaning of BAILOUT?

Ghana with all the resources and infrastructure deficit is wallowing in debts( with 17 straightforward bailouts) how does this sound to you?

Kenya needs IMF more than any west African country. Ghana is not drought-infested like Kenya, why are you borrowing too much?

I guess you debt know what EFF and ECF are .. that is what a bailout is

With all the resources in Kenya, you're in your 24th IMF bailout and still want to borrow more

Ghana debt is 54 billion dollars which is peanuts money

Shma2022:

Our road quality index is waaay above Ghana. Don't spew nonsense with your 18,000km road network.

Ghana is in debt distress. More than 70% of your total revenue goes to debt servicing. You don't have money to expand your road network.

Tell that to the tourist complaining about your roadless country because you guys only have 16,000km of paved roads.

Ghana is only spending 30% of it revenue to service debt...2.7 billion dollars.. that's not debt distress. Ghana is facing a liquidity challenge which is politically inflicted.


Kenya is spending 74% of revenue yo service debt.. that is what a real debt distress looking like
No wonder you have defaulted.

Gov job is not invest - it's grow the economy - and tax - and our taxes continue to grow.
When it come to investment - Kenya gov has invested everywhere - and has shareholding in 300 SOES
Safaricom 35% stake alone - is more than all Ghana SOES.
That when market is doing great - at one point Safaricom was approaching 20B dollars - that is 8B dollars - enough to pay off all our commercial external debts.
Kenya has I think 200 SOES it own 100% percent
And another 200 SOES it own some shares.
Kenya gov has shares in almost everything...from hotels....cement..to salt...to name...trading...super markets....it almost everywhere

Just40:
Kenya is broke abd without any profitable ventures to use debt to invest into... Any additional debt is just a death warrant