Ghana-IMF agree on clear path towards final details of bailout, says Finance Ministry

Ken Ofori-Atta
Ken Ofori-Atta, Finance Minister

The Ministry of Finance has announced that it has reached a clear path towards the final details of a programme with the International Monetary Fund (IMF) “with the goal of reaching a staff-level agreement by the end of the year.”

The International Monetary Fund (IMF) has started talks with Ghana over a US$3 billion deal and last month IMF officials said they expected to reach an agreement before the end of the year.

In a statement issued by the public relations unit of the ministry on Friday (21 October 2022), the ministry said the agreement was concluded by the parties [Ghana and IMF], at the just ended annual meetings of the World Bank and International Monetary Fund (IMF) in Washington DC, United States of America.

Clear path
“A government Delegation has successfully concluded a trip to Washington D.C., to attend the Annual Meetings of the World Bank and International Monetary Fund (IMF or the Fund); and continue negotiations for IMF support for Ghana’s Post-Covid Programme for Economic Growth,” the statement read.

The Ministry of Finance and the Bank of Ghana, at the end of the trip, report that “the annual meetings concluded successfully with a renewed sense of urgency for countries to rally together to bolster the global economy, in light of the dim outlook for advanced and frontier markets alike.”

The Delegation also had several positive and encouraging engagements with the World Bank, Bilateral Partners, US State Officials, and External Investors.

Several meetings were held between the Government of Ghana and the IMF, advancing negotiations towards a fund – supported Programme.

A clear path towards the final details of a Programme has been agreed upon by both parties, with the goal of reaching a Staff-Level Agreement by the end of the year” the Finance Ministry statement pointed out.

“A pathway towards fiscal sustainability has also been extensively discussed, and the Government of Ghana and the IMF remain fully committed to the goal of reaching a Staff-Level Agreement on a Programme, within the shortest possible time. With this objective in mind, negotiations will continue, with the IMF Mission Team expected in Accra in the next few weeks,” the statement further noted.

Regular updates
The statement also indicated that “government will continue to work with a fierce sense of urgency, to stabilize the economy and place it back on a firm trajectory of growth”.

“The Ministry undertakes to continue to provide regular updates and further details of our economic Programme to the public, immediately they become available.

These updates will be posted on the Ministry’s website, under a section titled IMF Programme Updates” the Finance Ministry said in the statement.

Source: Daily Mail GH

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