Ghana to secure IMF deal by February 2023 - Akufo-Addo

President Nana Addo Dankwa Akufo-Addo has expressed hopes of his government closing a deal with the International Monetary Fund in February.

According to the president, the deal aside enabling the economy to bounce back and repair the country’s public finances will as well, “rebuild the confidence of outsiders in our economy and our own self-confidence in the manner in which economy can proceed.”

“We are going through that process with them (IMF) right now, as we speak and hopefully by the end of this month or latest by the middle of February, a full-blown IMF agreement will be put in place,” the president said while interacting with some students from Harvard University in the United States at the Jubilee House.

The government of Ghana at the latter part of 2022 reached a staff-level agreement with officials of the IMF for a $3 billion loan facility.

According to the president, the government is committed to achieving the requirements of the staff-level agreement in order to attain an agreement by the IMF board.

“We will succeed in implementing the various considerations of the staff-level agreement that will enable us to have a full IMF agreement,” the president is quoted in a report by Myjoyonline.com as having said.

The government of Ghana announced a Debt Exchange Programme after its staff-level agreement with the IMF.

However, there have been concerns about the success of the IMF agreement as the Debt Exchange Programme has received widespread rejection by government bondholders.

“Anybody who’s been contacted by your bank, write, back to your bank saying you will not accept it. Anybody who has his money in any of the funds, whether it is the data bank, M fund, or a balance fund, etc do not accept it. It does not augur well for your good or that sort of economy, you are under no compulsion to accept it,” Convener of the Individual Bondholder’s Forum, Senyo Hosi recently said in the media.

The Debt Exchange Programme forms a part of the requirements on the government for an IMF board approval.

The government of Ghana is hoping to receive the loan to salvage the country’s severely challenged economy.

GA/WA