IMF Board approval will be secured by June, July - Bryan Acheampong

Agric minister, Bryan Acheampong has given a new time frame within which government will most likely conclude a deal with the International Monetary Fund (IMF) for a badly-needed bailout.

According to him, the Nana Addo Dankwa Akufo-Addo-led government is doing all it takes to stabilize and reboot the economy which has suffered from the aftershocks of COVID and the ongoing Russian-Ukrainian war.

He told party faithful at a rally in the Eastern Region on April 8, that by June, July 2023, a deal will be secured with the multilateral lender.

“Due to the challenges encountered by the economy in recent times the opposition NDC think they will win power.

"But the government has instituted measures to salvage the situation with impact already showing in the reduction in fuel prices and appreciation of the Ghana cedi against the major foreign currencies.

“The NDC was thinking that the election will be held at a period where the economy has been entangled with difficulties but the government will fix the challenges before that.

“I promise that by June/July this year the government will be able to secure a deal from the IMF to help drive the economy out of its current economic challenges and this will subsequently collapse the NDC,” he said in Twi.

Government hoped to secure a Board approval of the IMF for a US$3billion facility after securing a staff-level agreement late last year.

Government is looking to secure external debt restructuring agreements after a tumultuous domestic debt exchange programme was passed earlier this year.

A March ending timeline was missed but there has yet to be any official communication of when the approval is likely to be secured.