The President of Ghana, Nana Addo Dankwa Akufo-Addo, has expressed optimism that the agreement that Ghana is attempting to reach with the International Monetary Fund (IMF) will be submitted to the board for approval by the time March 2023 comes to a close.
On the subject of the deal, Ghana and the Fund have already come to an agreement at the staff level.
A recent statement made by the Managing Director of the Fund, Kristalina Georgieva, expressed her contentment with the progress Ghana was making toward bringing the staff-level agreement before the Board.
She stated that the International Monetary Fund backs Ghana’s efforts to keep the economy stable and to encourage an inclusive recovery.
She expressed her delight in meeting Ghana’s president through Twitter, writing, “Great to see President @NAkufoAddo at #MSC2023. I was very happy to learn that the authorities are making progress on bringing the agreement reached at the staff level to the IMF Executive Board.
We back Ghana’s efforts to bring about economic stability and a recovery for everyone, and we’re happy with how far they’ve come so far.
An agreement on a personnel level has been reached with Ghana for a program that will run for three years and will be funded by an arrangement under the Extended Credit Facility (ECF) for around three billion dollars.
The head of the IMF stated while answering questions in a press conference that the acceptance of the plan by the IMF’s management and the Executive Board in the period ahead is conditional on securing financial assurances from Ghana’s partners and creditors. Questions that are asked very frequently about Ghana.
The purpose of the government’s economic program is to restore macroeconomic stability and debt sustainability while safeguarding the most vulnerable members of society, preserving financial stability, and establishing the groundwork for a robust and inclusive economic recovery.
In order to facilitate the authorities’ goal of reestablishing the public sector’s capacity to service its debt, a comprehensive debt operation has been initiated.
According to the president, after everything is said and done, it will pave the way for a robust economic recovery in Ghana.
Speaking to members of the Diplomatic Corps, particularly those from the Paris Club, at the Peduase Lodge on Tuesday, February 28, President Akufo-Addo said, “Just as we managed to achieve a staff-level agreement with the Fund in record time in December of last year, whose terms were systematically fulfilled, including the challenging but ultimately highly successful process of the Domestic Debt Exchange Programme, I am confident that with the cooperation we have received from the members of the diplomatic corps, we will be able to achieve the same or even more.”
“This will pave the way for Ghana’s economy to make a robust recovery. Naturally, we will be hoping that all of Ghana’s friends will offer words of support when we are at the fund, and that should go without saying,” he added.