IMF meetings fruitful; Fifth Review and Energy Bond expected to be successful - Minister

Deputy Minister of Information Kojo Oppong-Nkrumah is optimistic Ghana will benefit immensely from the just ended IMF/World Bank meetings in the US.

He noted the meetings were not only fruitful, but Ghana has a lot of leads to follow up on to boost the financial and energy sectors in particular.

Briefing the media after the meetings, Oppong - Nkrumah denied rumours that the Bretton Woods Institutions were against the Energy Bond.

“It isn’t true that the IMF was against our Energy Bond,” he pointed out, adding “There is a lot of investor appetite to take up the bond , which when successfully issued, will lead to permanently solving some of the challenges in the energy sector.”

He was hopeful the 10 billion Cedi Energy Bond will be listed successfully to offset the energy sector debt, which contributed significantly to the challenges of some banks in the country. The bond which will be auctioned in tranches will start with a first tranche of six billion cedis, Mr.Oppong-Nkrumah stressed.

Ghana’s delegation, which was led by Senior Minister Yaw Osafo Marfo, also met potential investors in an attempt to tickle their interest in the Ghanaian economy .

According to Oppong - Nkrumah, a lot of investors have “shown immense interest” in the government’s flagship programme – One District, One Factory, stating the Trade Ministry and the Secretariat in charge of the policy are collaborating to win the hearts of the investors.

“We also made some inroads in the financial sector and the Finance Minister will follow up on them”. We also met with officials of the IMF about the extended Credit Facility Programme and the next review. They were impressed with us and the progress we have made so far. Officials of the IMF are expected in the country for the fifth review on Wednesday so that we can access the next $90 million left to carry out developments,” the Ofoase – Ayirebi legislator added.

He further stated that Ghana’s team also used the opportunity to update officials of the Millennium Challenge Account on the progress made with the E.C.G private sector participation program.

He promised that the team will follow up on every issue which came up at the meetings to ensure that President Akufo-Addo’s vision for the country is achieved.