Finance Chief Ofori-Atta expects IMF Board approval in May
Ghana’s Finance Minister, Ken Ofori-Atta, has announced that the country is expected to receive an International Monetary Fund (IMF) Board approval for a programme by the end of May 2023.
This is a confirmation of earlier reports written by norvanreports based on interviews made with the former Minister of Finance, Seth Terkper and Economist and Political Risk Analyst, Dr Theo Acheampong, where both Mr Terkper and Dr Acheampong indicated that Government was likely to achieve a bailout programme by May-ending.
https://norvan.soscodesoftware.com/ghana-imf-bailout-terkper-anticipates-board-approval-may-ending-fitch-solutions-however-projects-june/
https://norvan.soscodesoftware.com/imf-bailout-board-approval-likely-to-be-in-may-dr-theo-acheampong/
Speaking at an Investors Presentation Forum by the Republic of Ghana, Ofori-Atta emphasized that Ghana has made significant progress and called on external creditors to support its efforts in securing the programme.
The IMF programme is crucial for Ghana’s economic recovery, as it will provide the country with financial support and policy guidance to address its current macroeconomic challenges. Ghana’s economy has been hit hard by the COVID-19 pandemic, which has led to a decline in revenue and increased public debt. The IMF programme will help Ghana to restore macroeconomic stability, address fiscal imbalances, and implement structural reforms to promote growth and create jobs.
Ofori-Atta’s announcement comes at a critical time for Ghana, as the country seeks to regain the confidence of external creditors and investors. Ghana has been struggling to service its external debt, and its credit ratings have been downgraded by international rating agencies. Access to the international capital market is crucial for Ghana’s economic recovery, as it will enable the country to raise funds at lower interest rates and longer tenors.
To restore the confidence of external creditors, Ofori-Atta has pledged to work with commercial creditors in a fair and transparent manner. He has also called on Eurobond holders to reach an agreement in principle with Ghana quickly. Ofori-Atta understands that this is a challenging time for investors, but he has assured them that Ghana is fully committed to finding an equitable solution.
Ofori-Atta’s announcement comes as he leads a high-level delegation from Ghana to the World Bank and IMF Spring Meetings in Washington D.C. The meetings provide an opportunity for Ghana to engage with international partners and investors and to showcase its commitment to economic reform and growth.
Ghana’s Finance Minister, Ken Ofori-Atta, has announced that the country expects to receive an IMF Board approval for a programme by the end of May 2023. The programme is crucial for Ghana’s economic recovery, as it will provide the country with financial support and policy guidance to address its current macroeconomic challenges. Ofori-Atta has called on external creditors to support Ghana’s efforts to secure the programme and to work with the country in a fair and transparent manner. The announcement comes as Ofori-Atta leads a high-level delegation from Ghana to the World Bank and IMF Spring Meetings currently underway in Washington.
