President Nana Addo Dankwa Akufo-Addo has expressed optimism that the deal that Ghana is seeking to close with the International Monetary Fund (IMF) will go to the board for approval by end of this month, March 2023.
Ghana has already reached a staff-level agreement with the Fund on the deal.
Recently, the Managing Director of the Fund, Kristalina Georgieva said she was happy Ghana was making progress in bringing the staff-level agreement to the Board.
She said the IMF supports Ghana’s efforts to stabilize the economy and promote an inclusive recovery.
In a tweet, she said “Wonderful to meet President @NAkufoAddo at #MSC2023. Very pleased to hear authorities are making progress on bringing the staff-level agreement to the IMF Exec. Board. We support Ghana’s efforts to stabilize the economy & promote an inclusive recovery.”
The staff-level agreement with Ghana is for a three-year programme supported by an arrangement under the Extended Credit Facility (ECF) of about $3 billion.
The approval by IMF management and the Executive Board in the period ahead is contingent on receiving financing assurances from Ghana’s partners and creditors, the IMF Boss said while answering questions in Frequently asked questions on Ghana.
The goal of the government’s economic program is to restore macroeconomic stability and debt sustainability while protecting the vulnerable, preserve financial stability, and laying the foundation for strong and inclusive recovery.
To support the objective of restoring public debt sustainability, the authorities have launched a comprehensive debt operation.
When concluded, the President said, will set the stage for the strong recovery of Ghana’s economy.
Speaking to members of the Diplomatic Corps especially from the Paris Club, at the Peduase Lodge on Tuesday, February 28, President Akufo-Addo said “Just as we managed to achieve a staff-level agreement with the Fund in record time in December last year whose terms were systematically fulfilling including the difficult but ultimately highly successful process of the Domestic Debt Exchange Programme, I am confident that with the cooperation we have received from the members of the Paris Club and the People’s Republic of China, which sent a delegation from China’s EXIM Bank to Accra over the weekend to meet with officials of the Ministry of Finance, we shall be able to go to the Board of the Fund to conclude finally the agreement by the end of March.”
“This will set the stage for the strong recovery of Ghana’s economy. Needless to say, we will hope that all Ghana’s friends will weigh in with words of support at the Fund,” he added.
