Ghana to get the IMF bailout in May – Ken Ofori-Atta assures
According to him, the nation is currently in final talks to secure the bailout with the Fund and its external creditors.
Speaking to holders of Eurobonds at an Investors Presentation Forum, Mr. Ofori Atta declared that Ghana has made substantial strides in debt restructuring and urged other creditors to support the nation’s application for an IMF program.
“At this point, we do anticipate IMF board approval in May 2023, and we are planning a speedy MoU agreement with our creditors. On all fronts, we have put up a lot of effort. We are hopeful that we can soon reach a principled agreement with you, our Eurobond holders.
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“We recognize that making a commitment at this time is difficult for everyone, and we are here to help. But be assured that we are entirely dedicated to working with you and your advisors to find a fair solution.
The government is systematically enforcing the terms of the staff-level agreement it signed with the International Monetary Fund (IMF), according to Palgrave Boakye-Danquah, the spokesperson for governance and security. He also stated that he is confident that a solution will be reached by the end of the second quarter.
Due to the effectiveness of the local debt swap system and the backing from other creditors, he was optimistic that Ghana would get the $3 billion IMF bailout to improve the country’s economic situation.
“I am confident that with the cooperation we are receiving from the Paris Club members and the People’s Republic of China, which sent a delegation from China’s Exim Bank to France over the weekend to meet with officials of the Ministry of Finance, we will be able to go to the board of the fund to finally conclude the agreement by the end of the quarter,” Palgrave Boakye-Danquah stated on Original TV.
He asserted that Ghana’s economy would experience a robust recovery as a result of the deal with the Fund.
