Finance Minister Ken Ofori-Atta believes Ghana has a robust programme in place to help end the nation’s repeated calls for an IMF bailout.
In a Joint Presser between the Finance Ministry and the IMF on Tuesday, December 13, 2022, Mr Ofori-Atta said the government’s Post-COVID-19 Program for Economic Growth (PC-PEG) will largely contribute to addressing the deep challenges facing the country’s economy.
“We pray that this is going to be the last and that is why the programme is that strong,” he said in response to a question posed by EIB Network’s reporter, Edem Kojo who asked whether there is any guarantee that Ghana will not return to the Fund again.
Mr Ofori-Atta maintained the SLA reached with the Washington-based lender will not be the end of the road, adding more will have to be done for a successful conclusion.
The staff-level agreement is subject to IMF Management and Executive Board approval and receipt of the necessary financing assurances by Ghana’s partners and creditors.
This is the second time in the past 3-4 years and the 17th since independence in 1957 that Ghana has turned to the IMF for assistance.
The latest reverses the current administration’s earlier stance that it would avoid turning to the Fund for a bailout in the future.
After six months of negotiations, IMF staff and the Ghanaian authorities have reached a staff-level agreement on economic policies and reforms to be supported by a new three-year arrangement under the Extended Credit Facility (ECF) of about US$3 billion.
The authorities’ strong reform program aims at restoring macroeconomic stability and debt sustainability while protecting the vulnerable, preserving financial stability, and laying the foundation for strong and inclusive recovery.
An IMF staff team led by Stéphane Roudet, Mission Chief for Ghana, has been in the country since December 1, in continuation of discussions with Ghanaian authorities on the country’s post-COVID-19 programme for economic growth and associated policies and reforms that could be supported by a new IMF lending arrangement.
Source: Ghana/Starrfm.com.gh/103.5 Fm