IMF, gov’t to announce terms of staff-level agreement reached

IMF Mission with government officials including Minister of Finance Ken Ofori-Atta [in white]

The International Monetary Fund (IMF) will today, Tuesday, December 13, announce the terms of a staff-level agreement reached with the government of Ghana, has gathered.

As a result, the Fund will hold a joint press conference at 10:00am with the Ministry of Finance and the Bank of Ghana.

The sector minister, Ken Ofori-Atta, and the Bank’s Governor, Dr Ernest Addison, are expected to be in attendance.

The agreement follows months of negotiations between an IMF Mission and government officials as Ghana seeks to have an enhanced domestic programme (EDP).

An IMF staff team led by Carlo Sdralevich was in Ghana from Wednesday, July 6-13 after the country wrote to the Fund on Friday, July 1 to seek a bailout due to the worsening economic conditions.

The IMF staff team met with a number of stakeholders including Parliament’s Finance Committee, the Trades Union Congress, the private sector, civil society organizations, representatives from various government agencies, and development partners.

Gov’t’s payroll is full, 60% of revenue is spent on 650k workers – Ken Ofori-Atta

Later an IMF Mission led by Stéphane Roudet came by to gather data aimed at “restoring macroeconomic stability and laying the foundation for stronger and more inclusive growth”.

The press conference on Tuesday, December 13 is expected to lay bare the terms of the staff-level agreement reached.

Ghana is seeking a $3 billion deal from the IMF.



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