Ghana: IMF Mission Arrives for Further Negotiations ... Expects to Reach Staff - Level Agreement By December

29 November 2022
Ghanaian Times (Accra)

An International Monetary Fund (IMF) mission arrived in the country yesterday to have further negotiation with the government.

According to a source, the IMF mission would be meeting the Bank of Ghana, Ministry of Finance and other relevant institutions.

The negotiation is expected to end in the middle of December baring any unforeseen circumstances.

Ghana is expecting to receive $3 billion dollars over three years from the IMF, if a staff- level agreement s is reached.

The 2023 budget presented to Parliament by the Finance Minister, KenOfori-Atta will feature keenly in the negotiation.

Also s debt restructuring would feature prominently in the discussions of the IMF team with the government to give the country some fiscal space.

A successful IMF programme would give the country policy credibility and also restore macroeconomic stability.

President Akufo-Addo July 1, 2022 directed the Finance Minister, Ken Ofori-Atta, to begin formal engagements with the International Monetary Fund, for an economic programme.

Consequently IMF had been in the country to engage with key stakeholders for a staff agreement to be reached.

An IMF team, led by Stéphane Roudet, in October 11-19 during the IMF Spring meeting in Washington, DC met Finance Minister Ofori-Atta, Bank of Ghana Governor Addison and their teams, to continue discussions on a possible IMF-supported programme.

At the conclusion of the meetings, Mr Roudetsaid "The Ghanaian delegation and IMF staff had very fruitful discussions on the authorities' post-COVID program for economic growth and associated policies and reforms that could be supported by a new IMF arrangement.

"We made good progress in identifying specific policies that would restore macroeconomic stability and lay the foundation for stronger and more inclusive growth. The IMF team and the Ghanaian authorities remain fully committed to reaching agreement on a framework and policies for an IMF-supported program as soon as feasible. Discussions will continue in the weeks ahead, with a follow-up mission to take place expeditiously," he said.

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