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ACCRA, Dec 9 (Reuters) - The International Monetary Fund (IMF) and Ghana are expected to reach a staff-level agreement on a loan deal by Tuesday at the latest, said three sources with knowledge of the ongoing talks. Two sources said that the IMF program was expected to be an extended credit facility, which provides financial assistance to countries. One of those sources and a third source said that major hurdles in the negotiations were overcome this week which sped up the process. Ghana turned to the IMF for help in July, and an IMF team is currently in the country until Tuesday. The cocoa, gold, and oil-producing West African nation has said it needs the deal by the end of the year.

Yet for former Ghana star Derek Boateng, they hold a personal truth. “Football saved my life, because without football I don’t know where I would be or what I would be doing,” he told CNN. Just four years earlier, Ghana had competed at its first ever World Cup, in Germany, with Boateng again featuring. “Playing the World Cup is everything to me, as a football player. Pius Utomi Ekpei / AFP via Getty ImagesThat mantra lay at the heart of Boateng’s playing career, and it is a message he repeats to aspiring student-athletes at the academy.

ACCRA, Dec 5 (Reuters) - As a pair of motor-cyclists from Ghanaian startup Swoove zipped along Accra's back streets with deliveries last week, a team of software engineers tracked their progress on screens. "Businesses who can survive within this particular time frame will do even better when times get better," Kwaku Tabiri said of Swoove, which makes more than 5,000 deliveries per week. All five finalists will receive coaching from MEST throughout the life of the companies. Although Swoove did not win, Tabiri took comfort in the outlook for African innovation. Reporting by Cooper Inveen and Fracis Kokoroko; Editing by Alexander SmithOur Standards: The Thomson Reuters Trust Principles.

☆ Croatia beats Japan on penalties to reach World Cup quarterfinals
▼ + stars: | 2022-12-05 | by ( Ben Church | ) edition.cnn.com time to read: +28 min

CNN —Goalkeeper Dominik Livaković made himself a national hero as Croatia beat Japan on penalties 1-1 (3-1) to reach the World Cup quarterfinals. Marko Djurica/ReutersJapan’s heartbreakDespite its defeat, Japan can look back at an impressive World Cup campaign. They made history Thursday as the first all-female refereeing crew for a men's World Cup match. Mbappé was one of the leading stars of the team's World Cup triumph four years ago. He also became just the third goalkeeper to save three penalties in a single World Cup shootout.

☆ France reaches World Cup quarterfinals with 3-1 victory over Poland as Kylian Mbappé breaks Pelé’s record
▼ + stars: | 2022-12-04 | by ( Matias Grez | ) edition.cnn.com time to read: +30 min

CNN —France was made to work hard for its place in the World Cup quarterfinals, overcoming an improved Poland side 3-1 thanks to goals from Olivier Giroud and Kylian Mbappé. That is Mbappé’s fifth goal of Qatar 2022 and already his ninth World Cup goal overall, breaking Pelé’s record of seven World Cup goals scored before the age of 24. They made history Thursday as the first all-female refereeing crew for a men's World Cup match. Issei Kato/Reuters Kylian Mbappé scores his second goal on November 26, leading France to a 2-1 victory over Denmark. Mbappé was one of the leading stars of the team's World Cup triumph four years ago.

☆ USMNT’s youth and talent at Qatar 2022 bodes well for 2026 World Cup
▼ + stars: | 2022-12-04 | by ( Issy Ronald | ) edition.cnn.com time to read: +31 min

The Netherlands knocked the USMNT out of the Qatar World Cup on Saturday. They made history Thursday as the first all-female refereeing crew for a men's World Cup match. Frappert became the first woman to referee a men's World Cup match. It was Morocco's first World Cup win since 1998 — and its third-ever at the tournament. Qatar is the first Islamic country to host a World Cup.

ACCRA, Dec 4 (Reuters) - Ghana will launch a domestic debt exchange on Monday, its Finance Minister Ken Ofori-Atta said, expressing confidence that the move would help restore macroeconomic stability and end the West African country's worst economic crisis in a generation. Ofori-Atta said in a video address on Sunday that Ghana's government had finished its debt sustainability analysis, but he did not provide any information on plans for foreign debt that are anxiously awaited by international creditors. The government is in talks with the International Monetary Fund for a support programme to relieve its debt distress. "There was little question that Ghana needed LCY (local currency debt) coupon reductions to restore macro sustainability. Ofori-Atta said the government would set up a financial stability fund with the support of development partners to help domestic financial institutions, including banks and pension funds, weather the swap.

☆ Japan vs. Croatia: Samurai Blue aiming to reach World Cup quarterfinals for first time
▼ + stars: | 2022-12-04 | by ( Aimee Lewis | ) edition.cnn.com time to read: +31 min

CNN —In a World Cup of surprises, Japan has played a leading role in headline-making shock results. Croatia is a team undefeated in nine of its last 10 World Cup matches. They made history Thursday as the first all-female refereeing crew for a men's World Cup match. Frappert became the first woman to referee a men's World Cup match. It was Morocco's first World Cup win since 1998 — and its third-ever at the tournament.

☆ Ronaldo leads Portugal against South Korea after injury scare
▼ + stars: | 2022-12-02 | by ( ) www.reuters.com time to read: +2 min

Portugal, needing only a draw to be sure of top spot in Group H and mindful of the risk of yellow-card suspensions in the next round, have brought Diogo Dalot and Antonio Silva into the defence. Matheus Nunes, Vitinha and Joao Mario come into the midfield in place of Bernardo Silva, William Carvalho and Bruno Fernandes -- who scored twice in the 2-0 win over Uruguay -- while Ricardo Horta replaces Joao Felix up front. South Korea's Portuguese coach Paulo Bento left out central defender Kim Min-jae, who was an injury doubt, and replaced him with Kwon Kyung-won, while Lee Jae-sung and Lee Kang-in were drafted into midfield. The Koreans, with one point so far, must beat Portugal and hope the result of Ghana's match with Uruguay goes their way in order to reach the last 16. TeamsSouth Korea: Kim Seung-gyu, Kim Moon-hwan, Kwon Kyung-won, Kim Young-gwon, Kim Jin-su, Lee Jae-sung, Lee Kang-in, Jeong Woo-yeong, Hwang In-beom, Son Heung-min, Cho Gue-sungPortugal: Diogo Costa, Diogo Dalot, Pepe, Antonio Silva, Joao Cancelo, Matheus Nunes, Ruben Neves, Vitinha, Joao Mario, Cristiano Ronaldo, Ricardo HortaWriting by William Schomberg and Anita Kobylinska; Editing by Ken FerrisOur Standards: The Thomson Reuters Trust Principles.

☆ Analysis: Ghana overhaul a test for $1 billion World Bank-backed debt
▼ + stars: | 2022-12-02 | by ( Jorgelina Do Rosario | ) www.reuters.com time to read: +5 min

[1/3] A girl walks past a flag of Ghana outside the Cape Coast Castle, in Ghana, July 28, 2019. "If Ghana decides to use the guarantee, it has to pay back immediately to the World Bank," Mitu Gulati, a law professor at the University of Virginia and debt restructuring expert, said. "This is a highly protected instrument that was issued with the logic that Ghana would never default on the World Bank," Gulati said. Ghana 2030 bondIN OR OUT? Ghana has not yet said whether the 2030 issue will be part of its debt restructuring.

☆ Fed hikes and a stronger dollar are fueling risks of political instability in Africa
▼ + stars: | 2022-12-01 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

ACCRA, GHANA - NOVEMBER 05: Ghanaians march during the 'Ku Me Preko' demonstration on November 5, 2022, in Accra, Ghana. "Exposure to international interest rate changes is exacerbated by the large proportion of African public debt that is held in dollars." watch now"High public debt levels and elevated borrowing costs will constrain public spending, which will likely result in a deteriorating ESG and political risk landscape across the continent," Hunter added. Spotlight on Ghana Hunter pointed to Ghana as among the most affected by this negative feedback loop between a deepening public debt burden, a constrained fiscal position and a deteriorating ESG and political landscape. ACCRA, GHANA - NOVEMBER 05: Ghanaians march during the 'Ku Me Preko' demonstration on November 5, 2022, in Accra, Ghana.

☆ Analysis: The art of the cross lights up Ghana-South Korea thriller
▼ + stars: | 2022-11-28 | by ( Nick Mulvenney | ) www.reuters.com time to read: +2 min

The touch evaded the South Koreans after Mohammed Kudus had put Ghana ahead for the final time, however, and they repeatedly found space down the wings only for the final ball to clatter off the head of a Ghanaian defender. That reprised the opening 25 minutes of the game when the Koreans dominated possession, swinging the ball left and right across the pitch and working their neat triangulations to get into threatening positions down the flanks. The 31-year-old's delivery was even better 10 minutes later, a high arching cross that Kudus needed only the faintest touch on to guide past Kim Seung-gyu in the Korean goal. That means the coach will not be on the bench against his native Portugal in South Korea's final group game on Friday but his squad might expect a little bit of extra crossing practice over the next four days. Reporting by Nick Mulvenney, editing by Ed OsmondOur Standards: The Thomson Reuters Trust Principles.

☆ Debt-ridden Ghana plans to buy oil with gold instead of dollars, as foreign currency reserves dwindle to an alarming low
▼ + stars: | 2022-11-25 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Ghana's government is planning to use gold to pay for oil instead of shelling out US dollars. The move is expected to reduce the "persistent depreciation" of the cedi, the Ghanaian currency. As of end-September, Ghana's forex reserves were just enough to cover 3 months worth of imports. In order to protect the country's fast-dwindling foreign currency reserves, Ghana wants to pay for oil with gold instead of shelling out precious US dollars, Mahamudu Bawumia, the country's vice president said Thursday. However, it still has to import refined oil products such as gas and diesel, because Ghana's only oil refinery has been offline following an explosion in 2017, per Reuters.

☆ Ghana plans to buy oil with gold instead of U.S. dollars
▼ + stars: | 2022-11-24 | by ( Tom Polansek | ) www.reuters.com time to read: +2 min

ACCRA, Nov 24 (Reuters) - Ghana's government is working on a new policy where gold rather than U.S. dollar reserves will be used to buy oil products, Vice-President Mahamudu Bawumia said on Facebook on Thursday. The move is meant to tackle dwindling foreign currency reserves coupled with demand for dollars by oil importers, which is weakening the local cedi and increasing living costs. Ghana's Gross International Reserves stood at around $6.6 billion at the end of September 2022, equating to less than three months of imports cover. Using gold would prevent the exchange rate from directly impacting fuel or utility prices as domestic sellers would no longer need foreign exchange to import oil products, he explained. "The barter of gold for oil represents a major structural change," he added.

Presenting the West African nation's 2023 budget in parliament, Ofori-Atta said Ghana was at high risk of debt distress and has agreed on a debt management strategy with the International Monetary Fund (IMF). Investment bank Morgan Stanley said on Thursday that it expected Ghana to restructure both its domestic and external debt. "The current debt sustainability analysis conducted reveals that Ghana is now considered to be in high risk of debt distress," Ofori-Atta told lawmakers. Ghana will implement a debt exchange programme to address the challenges, he added. Despite the projected increase in revenue, Ofori-Atta said the fiscal budget would increase to 7.7% of GDP from 6.6% over the coming year.

☆ Ronaldo breaks record as Portugal up and running with Ghana win
▼ + stars: | 2022-11-24 | by ( ) www.reuters.com time to read: +4 min

The bitter end to Ronaldo's second spell at Manchester United had dominated the build-up to the match in much the same way the forward seems to dominate the way Portugal play. Against Ghana, Ronaldo seemed to exert a planetary gravitational pull on the ball, with team mates seeking him out at every opportunity. Ronaldo closed his eyes as he waited to begin his run up, stuttered and smashed the ball into the net to the keeper's right. It is the 10th consecutive major tournament in which Ronaldo has found the net although Ghana coach Otto Addo was not in the mood to be charitable. There was to be no fairytale ending for the Ghanaians though and the night belonged to Ronaldo.

☆ Portugal ready to let their football do the talking against Ghana
▼ + stars: | 2022-11-22 | by ( William Schomberg | ) www.reuters.com time to read: +3 min

DOHA, Nov 22 (Reuters) - Portugal will be keen to let their football do the talking when they face Ghana in their World Cup opener on Thursday amid controversy over Cristiano Ronaldo's comments about Manchester United and tensions between the squad and the media. But Ghana - who reached the World Cup quarter-finals in 2016 - arrived on the Arabian Peninsula with wind their sails too after beating Switzerland 2-0 in a friendly. No problems," five-times Ballon D'Or winner Ronaldo said on Monday. read moreHe led Portugal to triumph at Euro 2016 but World Cup glory has eluded him and Qatar represents his last chance. The teams met at the 2014 World Cup in Brazil when Portugal won 2-1 thanks to a late winner by Ronaldo.

"It is not a kind of tactic to avoid formal negotiation on loss and damage funding arrangements here," Schulze said. Some research suggests that by 2030, vulnerable countries could face $580 billion per year in climate-linked "loss and damage". Ghana's finance minister Ken Ofori-Atta, who chairs the V20 group of vulnerable countries, called the creation of the Global Shield "long overdue". Yet some vulnerable countries questioned the scheme's focus on insurance, with insurance premiums adding another cost to cash-strapped countries that have low carbon emissions and contributed least to the causes of climate change. It was not immediately clear how much of the Global Shield funding announced so far was in grant form.

☆ Ghana president sacks junior finance minister over alleged impropriety
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: +2 min

Bernd Lauter/Pool via REUTERSACCRA, Nov 14 (Reuters) - Ghana's President Nana Akufo-Addo has sacked Charles Adu Boahen, the minister of state for finance, the presidency said on Monday after allegations of impropriety were circulated by a well-known Ghanaian investigative journalist. Adu Boahen did not immediately respond to a request for comment from Reuters. read moreThe allegations against Adu Boahen did not appear to be related to those previously raised against Ofori-Atta. Vice-President Mahamudu Bawumia said in a statement the video showed Adu Boahen "apparently using my name, inter alia, to peddle influence and collect money from supposed investors". "I would like to state that if what the minister (Adu Boahen) is alleged to have said is accurately captured in the video, then his position as a minister of state is untenable.

☆ These currencies have tanked this year — and one is down over 75% against the dollar
▼ + stars: | 2022-11-14 | by ( Elliot Smith | ) www.cnbc.com time to read: +4 min

The cedi hit a fresh record low against the dollar on Wednesday last week, at one stage hitting the 14.24 mark before recovering slightly. In second place is the Cuban peso, which is down 56.36% against the dollar, behind only the Zimbabwean dollar, which has lost a staggering 76.74% of its value against the dollar since January. A man holds Zimbabwean Dollar Bond Notes Dan Kitwood | Getty Images News | Getty ImagesHanke said last week that Zimbabwe's "economic death spiral just keeps spinning." Similar to Ghana, authorities in Zimbabwe have attempted to support the local currency and fight inflation by cracking down on Zimbabwean dollar payments. EgyptThe Egyptian pound last week slumped to a fresh low against the dollar, sliding to 24.42, making its way onto Hanke's list of the top 10 worst-performing currencies of 2022.watch now

ACCRA, Oct 30 (Reuters) - Ghanaian President Nana Akufo-Addo on Sunday said talks with the International Monetary Fund were going well and sought to reassure investors that the negotiations would not lead to a reduction in the face value of government bonds. The talks are "are at advanced stages, and are going well," Akufo-Addo said. "No individual or institutional investor ... will lose their money as a result of our ongoing IMF negotiations. Ghana launched talks with the IMF in July as foreign investors dumped its debt and street protests broke out over economic turmoil that has seen inflation and currency depreciation hit record levels despite repeated and severe lending rate hikes. "I cannot find an example in history when so many malevolent forces have come together at the same time," Akufo-Addo said.

☆ Ghana traders close shops to protest worsening economy
▼ + stars: | 2022-10-20 | by ( ) www.reuters.com time to read: +2 min

ACCRA, Oct 19 (Reuters) - Streets were quiet in the normally bustling heart of Accra's central business district on Wednesday as traders in the Ghanaian capital closed their shops to protest worsening economic conditions. Because of the worsening exchange rate, he can't afford to buy books and paper from his suppliers, he said. 1/5 People walk in front of closed shops as traders lock up their stores in protest of Ghana's worsening economic conditions in Accra, Ghana October 19, 2022. In one usually crowded street market downtown, about half to two-thirds of shops were closed, while some activity carried on. "If we close our shops until Monday, the government isn't going to just reduce the rate of the dollar because of that.

☆ Ghana finance ministry, central bank form committee for talks on IMF programme
▼ + stars: | 2022-10-11 | by ( ) www.reuters.com time to read: +1 min

People walk past the Bank of Ghana in Accra, Ghana, November 28, 2018. REUTERS/Zohra BensemraACCRA, Oct 11 (Reuters) - Ghana's finance ministry has formed a five-member committee with the Bank of Ghana to lead discussions with the financial services industry concerning an International Monetary Fund (IMF) programme, it said in a statement on Tuesday. The goal of the committee is to "ensure orderliness and confidence in the government's ongoing negotiations with the IMF," the statement said. An IMF team visited Ghana last week for talks about a potential loan programme after the West African country requested support. It said discussions were constructive but that more work was needed on a debt-sustainability analysis.

☆ Factbox: Strained emerging economies in focus at the IMF World Bank meeting
▼ + stars: | 2022-10-10 | by ( ) www.reuters.com time to read: +7 min

On Friday, the IMF said its executive board approved Kyiv's request for $1.3 billion in emergency funding through a Rapid Financing Instrument. This is on top of $1.4 billion the IMF has provided to Ukraine since the start of the war. Former central bank governor Kyrylo Shevchenko said in July that Kyiv hoped for a $15-$20 billion IMF programme before year-end. On Friday, IMF staff said talks with Ghana's government about a potential loan programme had been constructive but more work was needed on a debt-sustainability analysis. EGYPTA major grain importer that depends heavily on tourism revenue, Egypt has experienced a double whammy from COVID-19 and soaring food prices with no current IMF programme in place.

☆ African Global Citizen patrons urge world to consider continent's giving power
▼ + stars: | 2022-09-24 | by ( Cooper Inveen | ) www.reuters.com time to read: +2 min

The Accra leg of Global Citizen's annual music festival, held simultaneously with another concert in New York City, wasn't your average show. "People need to know that it's not always about giving to Africa: Africa can give, and we can have fun too." It has also spurred the establishment of an "Africa Prosperity Fund", a $1 billion development funding pledge compiled solely by African governments and launched jointly by the governments of Ghana and South Africa. "I think Ghana symbolizes so much about what is achievable," said Michael Sheldrick, Global Citizen's co-founder. Danai Guria, a star of the 2018 movie "Black Panther", called on people to consider the power and potential of African women.

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