Bailout package: IMF Executive Board to meet in 3rd week of November – Ofori-Atta hints

Finance Minister, Ken Ofori-Atta, has hinted that the IMF Executive Board is expected to deliberate on the approval of the second tranche of bailout disbursement for Ghana under the Extended Credit Facility in the third week of November this year.

He stated that the government remains optimistic that the Official Creditor Committee (OCC) and the Paris Club would come to an agreement over the signing of a Memorandum of Understanding (MoU), which would allow for the disbursement of the second tranche of the $3 billion rescue package, which consists of $600 million.

Speaking at the maiden Ghana Mutual Prosperity Dialogues (GMPD) in Accra on November 2, the Finance Minister noted that the period between now and the end of the year is critical towards Ghana charting a path toward economic stability.

“This period between now and the year-end are critical, we do have the budget on November 15, the IMF Board meeting on November 22 and in between, we are also negotiating with the Independent Power Producers to get stability in our energy sector and we are hopeful that this would be done by the end of November,” the Finance Minister said.

“We have also initiated discussions with our Eurobond investors and gave them broad contours for what we would like to see and they have also brought us some illustrative scenarios to consider. I believe that by year-end, we should be able to conclude on those and therefore set 2024 to work on the issues of the private sector to ensure the economy continues to strengthen,” he added.

Ken Ofori-Atta further said the Ghana Mutual Prosperity Dialogues are intended to realign the government's strategy for enhancing cooperation with the business sector (both domestic and foreign), labour unions, development partners, and the government in order to promote close relationships.

The GMPD seeks to raise Ghana's competitiveness, draw in more foreign direct investment, and improve the business climate in the nation. The Ghana Model Partnership for Development (GMPD) aims to open up investment opportunities and advance Ghana's economic growth by promoting cooperation between the public and private sectors.

The initiative falls under the auspices of the Ministry of Finance, being the key actor in charge of the FDI dialogue in the country with support from the International Finance Corporation (IFC) providing the government with facilitation and technical assistance.

NOQ

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