'Very pleased to hear authorities are making progress' - IMF boss reacts to DDEP

Kristalina Georgieva, the Managing Director of the International Monetary Fund (IMF) has reacted to Ghana's just-ended Domestic Debt Exchange Programme (DDEP)

She stressed via a tweet on February 16 that the Washington-based lender was ready to support Ghana to stabilize and promote inclusive economic growth.

Gerogieva made the comment after meeting with President Nana Addo Dankwa Akufo-Addo at the Munich Security Conference in Germany.

Her full tweet accompanied by a photo of her in a handshake with Akufo-Addo read: "Very pleased to hear authorities are making progress on bringing the staff-level agreement to the IMF Exec. Board.

"We support Ghana’s efforts to stabilize the economy & promote an inclusive recovery," the tweet read.

Ghana's DDEP according to experts is a major conditionality of the lender in granting Board approval for a US$3 billion bailout. The programme was meant to ensure the streamlining of Ghana's unsustainable debt.

Ghana is hoping to get the first tranche of the bailout by March this year in order to among others rein in inflation and arrest the galloping depreciation of the cedi.

Wonderful to meet ????????President @NAkufoAddo at #MSC2023. Very pleased to hear authorities are making progress on bringing the staff-level agreement to the IMF Exec. Board. We support Ghana’s efforts to stabilize the economy & promote an inclusive recovery. https://t.co/rwrsTIPEoF pic.twitter.com/0E5Ir4HmqU

— Kristalina Georgieva (@KGeorgieva) February 17, 2023