President Nana Addo Dankwa Akufo-Addo says Ghana’s discussions with the International Monetary Fund (IMF) have advanced for a bailout.
To this end, the country is eyeing conclusions for a fund support program by end of 2022 according to the President.
“I am able to report to you, my fellow Ghanaians, that the negotiations to secure a strong IMF Programme, which will support the implementation of our Post COVID-19 Programme for Economic Growth and additional funding to support the 2023 Budget and development programme, are at advanced stages, and are going well”, he told Ghanaians in an address on the economy on Sunday.
Ghana returned to the IMF for a US$ 3 billion bailout after months of struggle with the economy and a cost of living crisis.
The Ministry of Finance has said, government and the IMF have reached a clear path towards the final details of a programme with the goal of reaching a Staff-Level Agreement by the end of 2022.
Under-pressure Finance Minister, Ken Ofori-Atta said government will fast-track negotiations with the IMF to ensure key aspects of the programme are reflected in the 2023 budget statement.
Some economists have cast doubt on the possibility of concluding the IMF deal before the year ends.
However, President Akufo-Addo is hopeful, the timeline is achievable given the government’s commitment to fixing the country’s economic meltdown.
“We are determined to secure these arrangements quickly to bring back confidence and relief to Ghanaians. We are working towards reaching a deal with the IMF by the end of the year. This will give further credence to the measures Government is taking to stabilize and grow the economy, as well as shore up our currency”, he assured.
The President also assured that government does not intend to slash the returns made on investments as speculated.
“I also want to assure all Ghanaians that no individual or institutional investor, including pension funds, in Government treasury bills or instruments will lose their money, as a result of our ongoing IMF negotiations. There will be no “haircuts”, so I urge all of you to ignore the false rumours, just as, in the banking sector clean-up, Government ensured that the 4.6 million depositors affected by the exercise did not lose their deposits,” he added.
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