IMF to disburse $370M to Ghana after fourth programme review
The IMF Executive Board will review Ghana's $3 billion ECF programme in Washington, DC on July 7, 2025.
Ghana has met all necessary benchmarks for the fourth review, paving the way for a $370 million disbursement.
Ghana's Parliament has ratified a $360 million financing agreement with the World Bank for developmental initiatives.
Ghana meets all conditions ahead of review
According to sources close to the process, Ghana has fulfilled all necessary benchmarks required for the fourth review, positioning the country to receive the next disbursement of $370 million. All relevant documentation has reportedly been submitted in line with the Fund's four-day processing window leading up to the meeting.
This follows the staff-level agreement reached between the IMF and the Government of Ghana in April 2025, which confirmed that Ghana had achieved its programme targets for the review period.
The IMF is widely expected to approve the review and disburse the funds by 11 July 2025. Once completed, Ghana will have received a cumulative $2.3 billion under the ongoing programme, out of the total $3 billion earmarked to be disbursed over three years.
World Bank Approves $360m to Support Ghana's Recovery
In a related development, Ghana's Parliament has ratified a $360 million financing agreement with the International Development Association (IDA) of the World Bank. The facility forms part of the Second Resilient Recovery Development Policy Financing (DPO2) initiative.
The agreement was presented to Parliament on Tuesday, 1 July 2025, by Deputy Finance Minister Thomas Nyarko Ampem.
The World Bank funding is expected to support a broad range of government priorities, including enhancing livelihoods, accelerating economic growth, curbing inflation, sustaining macroeconomic stability, and promoting a broad-based recovery.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
4 hours ago
- Yahoo
Harvard economist admits he was wrong about Bitcoin
Harvard economist admits he was wrong about Bitcoin originally appeared on TheStreet. Kenneth Rogoff, an American economist and chess grandmaster, predicted that Bitcoin was far more likely to fall to $100 in 2018. Speaking to CNBC Rogoff predicted that an increase in government regulation would cause the price to fall, adding that a decline to $100 was 'a lot more likely' than a rise to $100,000. He also made bold claims that without money laundering and tax evasion, the practical applications of Bitcoin would be almost negligible. Rogoff who previously served at the International Monetary Fund, is now the Maurits C. Boas Chair of International Economics at Harvard University. Seven years later, Bitcoin has crossed that threshold past the six-figure milestone, prompting Rogoff to explain why he believes his forecast failed. Harvard economist admits his Bitcoin prediction was wrong Rogoff expressed regret that he had underestimated the demand for Bitcoin and the reluctance of regulators to intervene, but in a sarcastic tone. 'I was far too optimistic about the US coming to its senses about sensible cryptocurrency regulation; why would policymakers want to facilitate tax evasion and illegal activities?' he wrote, adding that he did not anticipate Bitcoin becoming the 'transactions medium of choice in the twenty-trillion dollar global underground economy.' While previously he stated that the Government could hinder the asset's adoption, Bitcoin has only flourished rather than floundered. Institutional investors, corporations, and governments now have major stakes in the asset. As of August 20, the US government holds around $22.48 billion in Bitcoin, as per records. Additionally, Bitcoin exchange-traded funds (ETFs), launched in July 2024 to provide indirect exposure to the asset, have also fueled additional demand for Bitcoin. Over the course of 273 trading days between July 2024 and August 20, with an average of approximately $4.75 billion in transactions per day, the total trading volume comes to almost $1.35 trillion. However, Rogoff continues to argue that any demand Bitcoin has seen in the recent years, is propped up by illicit activity and regulatory blind spots rather than mainstream utility. He says: 'I did not anticipate a situation where regulators, and especially the regulator in chief, would be able to brazenly hold hundreds of millions (if not billions) of dollars in cryptocurrencies seemingly without consequence given the blatant conflict of interest.' Harvard economist fashes backlash from crypto community Bitcoin proponents harshly criticized his explanation. In a post on X, investor and analyst Anthony Pompliano rejected Rogoff's analysis. 'Fiat economist still doesn't understand bitcoin. Blames everyone but himself for missing it' wrote Pompliano. Moreover, in a weird twist of fate, the ivy league university, Harvard, has itself invested over $116 million in BlackRock's Bitcoin ETF (IBIT), making it the 29th largest holder of IBIT. At press time, Bitcoin stands at $112,957.69, down nearly 2% over the last day. However, the current price is still up over 85% in a year's time. Harvard economist admits he was wrong about Bitcoin first appeared on TheStreet on Aug 20, 2025 This story was originally reported by TheStreet on Aug 20, 2025, where it first appeared.
TechCrunch
9 hours ago
- TechCrunch
India bans real-money gaming, threatening a $23 billion industry
India's lower house of parliament on Wednesday passed a sweeping online gaming bill that, while promoting esports and casual gaming without monetary stakes, imposes a blanket ban on real-money games — threatening to disrupt billions of dollars in investment and significantly impact the real-money gaming industry, which could see widespread shutdowns. Titled the Promotion and Regulation of Online Gaming Bill, 2025, the legislation aims to prohibit real-money games nationwide — whether based on skill or chance — and ban both their advertisement and associated financial transactions, as TechCrunch earlier reported based on its draft version. 'In this bill, priority has been given to the welfare of society and to avoid a big evil that is creeping into society,' India's IT minister Ashwini Vaishnaw said in parliament while introducing the bill. The proposed legislation restricts banks and other financial institutions from allowing transactions for real-money games in the country. Anyone offering these games could face imprisonment for up to three years, a fine of up to ₹10 million (approximately $115,000), or both. Additionally, celebrities promoting such games on any media platform could be liable for up to two years of imprisonment or a fine of ₹5 million (roughly $57,000), the bill states. Vaishnaw said the decision to bring the legislation was to address several incidents of harm, including cases where individuals reportedly died by suicide after losing money in games. However, industry stakeholders largely attribute these incidents to offshore betting and gambling apps, which many believe will not be addressed by this legislation. 'This law is bound to face litigation as it fails the test of proportionality under Article 19(1)(g),' said Meghna Bal, director of the New Delhi-based think-tank Esya Centre. 'Instead of safeguarding consumers, it dismantles compliant onshore companies while opening the door wider for illegal offshore betting platforms that are the real source of financial harm.' Article 19(1)(g) of India's Constitution guarantees citizens the right to practice any profession or carry on any occupation, trade, or business. Techcrunch event Tech and VC heavyweights join the Disrupt 2025 agenda Netflix, ElevenLabs, Wayve, Sequoia Capital, Elad Gil — just a few of the heavy hitters joining the Disrupt 2025 agenda. They're here to deliver the insights that fuel startup growth and sharpen your edge. Don't miss the 20th anniversary of TechCrunch Disrupt, and a chance to learn from the top voices in tech — grab your ticket now and save up to $600+ before prices rise. Tech and VC heavyweights join the Disrupt 2025 agenda Netflix, ElevenLabs, Wayve, Sequoia Capital — just a few of the heavy hitters joining the Disrupt 2025 agenda. They're here to deliver the insights that fuel startup growth and sharpen your edge. Don't miss the 20th anniversary of TechCrunch Disrupt, and a chance to learn from the top voices in tech — grab your ticket now and save up to $675 before prices rise. San Francisco | REGISTER NOW Ahead of the bill's introduction in the Indian Parliament, industry bodies wrote to Prime Minister Narendra Modi on Tuesday evening, urging him to intervene. The letter — sent by the Federation of Indian Fantasy Sports, All India Gaming Federation, and E-Gaming Federation, a copy of which was reviewed by TechCrunch — warned that the proposed legislation could benefit 'illegal offshore gambling operations' while forcing Indian businesses to shut down. These industry bodies represent Dream Sports, MPL, WinZO, Gameskraft, Nazara Technologies, and Zupee, among other real-money gaming companies. 'By shutting down regulated and responsible Indian platforms, it will drive [millions] of players into the hands of illegal matka networks, offshore gambling websites, and fly-by-night operators who operate without any safeguards, consumer protections, or taxation,' the letter stated. (Matka is a form of illegal gambling that originated in India, involving betting on random numbers.) The three industry bodies estimated that real-money gaming startups in India have a combined enterprise valuation of ₹2 trillion (approximately $23 billion), generate cumulative revenues of ₹310 billion (around $3.6 billion), and contribute ₹200 billion (roughly $2.29 billion) annually in direct and indirect taxes. They also project a 28% compound annual growth rate that would double the industry's size by 2028. The industry groups warned that the blanket ban could result in the loss of more than 200,000 jobs and the closure of over 400 companies. A similar letter was also written to Indian Home Minister Amit Shah by these three industry associations. Some Indian and global investors are also calibrating their response, a person familiar with the matter told TechCrunch. The source did not want to be named, as the plans are not yet public. Publicly-listed Nazara Technologies, which has previously invested in real-money gaming platforms including PokerBaazi and Classic Rummy, saw its share price fall 12.84% on Wednesday to close at ₹1,220 (about $14). The company, however, earlier clarified in a stock exchange filing (PDF) that it has 'no direct exposure' to real-money gaming businesses and that these platforms do not contribute to its revenues based on its latest reported financials. Nazara Technologies' Stock price on Wednesday Image Credits:Google Finance Dream Sports and MPL, two of the top real-money gaming startups, declined to comment, while WinZO, another popular real-money startup, did not respond. The bill was passed by voice vote in a noisy lower house less than seven minutes after it was introduced for debate. It now requires approval from the upper house and the president to become law. Meanwhile, some companies in casual gaming and esports have welcomed the move. 'We applaud this decision as it allows us to focus on the ongoing concerns as a business — monetization, retention, and most importantly, building great IP for India and the world, rather than having to explain to our audiences what we are to begin with,' said Sumit Batheja, CEO and co-founder of Ginger Games, which is part of Krafton's Indian gaming incubator and makes hyper casual games. Krafton is the South Korean gaming company behind the popular battle royale game PUBG. I welcome the Govt's decision to prohibit Real Money Gaming & establish a strong regulatory framework. 🇮🇳 Too many young lives were being lost to addiction & debt. This decisive step safeguards our youth while unlocking the future of Indian gaming — driven by original IP,… — Vishal Gondal (@vishalgondal) August 20, 2025 Akshat Rathee, co-founder and managing director of esports company NODWIN Gaming, which is also a subsidiary of Nazara Technologies, said the law needs to have clear distinctions between esports, online gaming, online social gaming, and online money gaming that are clearly defined and uniformly understood. 'The absence of precise definitions has often led to ambiguity and conflation around the term 'esports'. Such overlaps can create confusion not just for regulators, but also for players, teams, investors, and organizers who are working hard to build this industry,' he stated. Bal also told TechCrunch that the bill 'decimates esports,' as an authority set up by the Indian government would decide the validity of esports. 'The impact goes beyond real money gaming to the broader ecosystem of businesses that depend on it and indeed presents grave implications for the AVGC [Animation, Visual Effects, Gaming, and Comics] sector as a whole,' she said. In 2023, the Indian government amended the Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021, to curb 'user harm' from real-money games and proposed self-regulatory bodies to limit illegal betting and gambling while allowing legitimate games. However, the self-regulation approach faltered due to conflicts among industry stakeholders over enforcement and standards. New Delhi imposed a 28% tax on online gaming in 2023 to curb real-money play, prompting an outcry from industry stakeholders. Top investors — including Tiger Global, Peak XV Partners, and Kotak —urged Modi to reconsider, warning of $2.5 billion in write-offs and the potential loss of one million jobs. The tax, however, remained in place, even as companies challenged its retrospective application in the Supreme Court. Recent reports suggest it may be revised upward to 40% under new rules. Rohit Kumar, a founding partner of the New Delhi-based public policy firm The Quantum Hub, told TechCrunch that the real problem with the new bill is a lack of due process. 'Regulation is necessary, but abrupt moves like this undermine India's reputation as a stable, predictable investment destination. If concerns existed, the government should have signaled them clearly from the outset,' he said.
Associated Press
11 hours ago
- Associated Press
Nigeria mosque attack death toll rises to 50, lawmaker says
ABUJA, Nigeria (AP) — The death toll from a shooting at a mosque in northwestern Nigeria has risen to 50, a local official said Wednesday. Gunmen stormed the mosque in the town of Unguwan Mantau, in Katsina state, during morning prayers on Tuesday, according to lawmaker Aminu Ibrahim. 'The bandits killed 30 people and burnt 20 others during attacks on several villages,' Ibrahim told the state parliament on Wednesday. There has been no immediate claim of responsibility for the attack. Such attacks are common in Nigeria's northwestern and north-central regions, where local herders and farmers often clash over limited access to land and water. An attack last month in north-central Nigeria killed 150 people. The prolonged conflict has become deadlier in recent years, with authorities and analysts warning that more herdsmen are taking up arms. On Tuesday the Katsina state commissioner, Nasir Mu'azu, said the army and police have deployed in the area of Unguwan Mantau to prevent further attacks, adding that gunmen often hide among the crops in farms during the rainy season to carry out assaults on communities. He said the mosque attack was likely in retaliation for a raid by Unguwan Mantau townspeople at the weekend when several gunmen were ambushed and killed. Dozens of armed groups take advantage of the limited security presence in Nigeria's mineral-rich regions, carrying out attacks on villages and along major roads. The farmers accuse the herders, mostly of Fulani origin, of grazing their livestock on their farms and destroying their produce. The herders insist that the lands are grazing routes that were first backed by law in 1965, five years after the country gained its independence. Separate from the conflict between farming and herding communities, Nigeria is battling to contain Boko Haram insurgents in the northeast, where some 35,000 civilians have been killed and more than 2 million displaced, according to the United Nations.
