IMF, Ghana agree on ‘clear path’ towards bail-out programme

President Akufo-Addo in a meeting with the IMF Boss

The Ministry of Finance has announced that following several meetings held in the last few weeks in the US with the International Monetary Fund (IMF), a “clear path towards the final details of a programme has been agreed upon by both parties”.

In a press release on Friday, October 21, the Ministry added that a Staff-Level Agreement is targeted by the end of the year.

“A pathway towards fiscal sustainability has also been extensively discussed, and the Government of Ghana and the IMF remain fully committed to the goal of reaching a Staff-Level Agreement on a Programme, within the shortest possible time.”

On Thursday, October 20, the IMF Mission Team Lead, Stéphane Roudet, described the discussions with Ghanaian officials in Washington DC as “fruitful”.

“We made good progress in identifying specific policies that would restore macroeconomic stability and lay the foundation for stronger and more inclusive growth,” he stated at the end of the discussions.

“The IMF team and the Ghanaian authorities remain fully committed to reaching agreement on a framework and policies for an IMF-supported program as soon as feasible.”

Mr Roudet will lead the Team to Accra in the next few weeks for negotiations to continue.

The Finance Ministry urged Ghanaians to continue to be patient “in what is undoubtedly a troubling and challenging time for our economy, and economies globally”.

“Government will continue to work with a fierce sense of urgency to stabilise the economy and place it back on a firm trajectory of growth.”

Last month, the Managing Director of the Fund, Kristalina Georgieva, promised that the $3-billion programme being sought by Ghana will be hopefully completed by end of 2022.

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