Government commences bailout negotiations with IMF

Ken Ofori Atta Minister Of Finance E1642081021987 Finance Minister Ken Ofori-Atta

Tue, 27 Sep 2022 Source: www.ghanaweb.com

The Nana Addo Dankwa Akufo-Addo government has commenced negotiations with the International Monetary Fund (IMF) for a bailout.

According to a statement issued by the Ministry of Finance, the government of Ghana will be represented by officials from the ministry and the Bank of Ghana.

The ministry said that the government has come out with a comprehensive post Covid-19 economic programme that will form the basis of the negotiations.

“The Ministry of Finance and the Bank of Ghana have commenced discussions with the IMF for the IMF-supported programme. A key prerequisite for a programme is confirmation that Ghana's debt is on a sustainable path; this will require a comprehensive Debt Sustainability Analysis (DSA) which is currently ongoing.

“The government of Ghana is putting together a comprehensive post Covid-19 economic programme which will form the basis for the IMF negotiations. The programme seeks to establish a macro-fiscal pain that ensures debt sustainability and macroeconomic stability underpinned by key structural reforms and social protection.

It added that“Government negotiations with respect to the IMF-supported programme commencing this week and we are optimistic about making progress in our discussions,” parts of the statement issued by the ministry read. Government remains committed and shall continue to actively engage stakeholders; both public and private, in a clear and transparent manner as we seek to fast track this process.”

Ghana is said to be targeting an amount of $3 billion over three years from the Fund once an agreement on a programme is reached. The new amount requested as a loan was double the government’s initial target of $1.5 billion.

Read the full statement by the ministry below

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Source: www.ghanaweb.com
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