IMF board to decide bailout time, funding for Ghana after last mission

The International Monetary Fund (IMF) says its Board will decide, after its current mission in Ghana – which will last till February 26, 2015 – the time within which a three-year programme meant to rescue Ghana’s economy will be ready.

At a press briefing in Washington D.C on Thursday February 19, 2015 by the Director of the Fund’s Communication Department, Mr Gerry Rice said it was only after the current mission’s final deliberations with the Government of Ghana that the IMF can give a definite timeline by which the programme will be ready, as well as the total amount of funding that will be channeled to the young oil-producing West African country.

“I don't have a time on securing the programme, nor do I have the funding, but what I can say is that the IMF team plans to be in Ghana from today [Thursday] February 19 until the 26 with the objective of finalising discussions with the authorities in several areas including the best policy response to the recent decline in oil prices and other issues related to the economy,” Mr Rice said.

“We expect to be finalising the details of the programme at the end of this mission,” he mentioned, adding: “And then, it will be proposed to the IMF's board as expeditiously as possible.”

“So the mission is 19 to 26 and then, we would hope to move to the board fairly soon after that.”

Ghana expects the bailout programme to be ready by April this year. The West African country approached the Fund for assistance after its currency – Cedi – plunged by almost 40 percent in the first three-quarters of last year.