Ghana aims for successful completion of IMF programme review; seeks increased concessional financing
Finance Minister, Ken Ofori-Atta, has expressed optimism about the country’s progress towards the successful completion of its first review of the International Monetary Fund (IMF) Program by November 2023. Mr Ofori-Atta anticipates that the completion of the review will pave the way for Ghana to receive an additional $600 million in disbursements.
During a meeting with the World Bank’s Managing Director for Operations, Anna Bjerde, Mr Ofori-Atta revealed that Ghana is actively working on finalizing a Memorandum of Understanding (MoU) with its official bilateral creditors ahead of the first review. He highlighted Ghana’s commitment to meeting all the conditions set by the IMF Programme.
In his discussions with Ms Bjerde, he urged the World Bank to provide increased concessional financing to address the numerous challenges faced by developing countries, including Ghana. He specifically called for a tripling of resources allocated under the International Development Association (IDA) in the upcoming replenishments, emphasizing the importance of robust financial support for these nations.
Furthermore, Mr Ofori-Atta stressed the need for the World Bank to be responsive to global crises, safeguarding the progress made in economic growth, poverty reduction, and human development. He emphasized the importance of increased concessional financing and called for the evolution of the World Bank to foster enhanced partnerships with other development stakeholders and the private sector, with the aim of maximizing development outcomes.
Mr Ofori-Atta further acknowledged the ongoing discussions between the World Bank and its shareholders to enhance the institution’s mission, operating model, and financial framework. He expressed his expectation of a 21st-century World Bank that effectively mobilizes resources from both the global north and the private sector to address key challenges such as poverty, inequality, and sustainability.
Ghana’s commitment to meeting IMF Programme conditions and its engagement with creditors underscore the country’s determination to achieve financial stability and drive sustainable development. With its call for increased concessional financing, Ghana seeks to address the unique challenges faced by developing nations, emphasizing the importance of international collaboration and support in advancing global development goals.
