IMF: 'Getting full amount requested for staff-level agreement remarkable' – Gabby

A leading member of the governing New Patriotic Party (NPP), Gabby Otchere-Darko, has lauded government for securing the Staff-Level Agreement (SLA) with the IMF within 5 months.

This was after Ghana wrote to the IMF in July to seek an extended credit facility (ECF) to save the country from economic crisis.

Ghana and the IMF reached staff-level agreement on economic policies and reforms to be supported by a new three-year arrangement under the Extended Credit Facility (ECF) of about US$3 billion.

The agreement was announced on Tuesday, December 13 at a joint press conference in Accra.

Asked when the $3 billion will start hitting the coffers of Ghana government, IMF’s Chief Mission for Ghana Stephane Roudet said “That will happen very shortly after the programme has been approved by the Board.”

Read Also: IMF reaches staff-level agreement on a $3bn, three years extended credit facility with Ghana

The economic program aims to restore macroeconomic stability and debt sustainability while laying the foundation for stronger and more inclusive growth.

The staff-level agreement is subject to IMF Management and Executive Board approval and receipt of the necessary financing assurances by Ghana’s partners and creditors.

Reacting to the development in a tweet, Gabby Otchere-Darko commended the swiftness with which the agreement was reached.

He also commended Ghana’s team for not being distracted by naysayers who kept pushing the fake narrative that the IMF had no confidence in the head of the Ghanaian team.

”To get to a Staff Level Agreement (SLA) with the IMF within 5 months & for the full amount requested is remarkable. It was good the Ghana team stayed focused; not distracted by those who kept pushing the fake narrative that IMF had no confidence in the head of the Ghanaian team,” Gabby said in a tweet.