Govt To Seal IMF Deal Before 2023

The Ministry of Finance has assured that the government will continue to work with a fierce sense of urgency to stabilise the economy and place it back on a firm trajectory of growth.

The assurance comes after a government delegation successfully concluded a meeting with the World Bank and the International Monetary Fund (IMF) to continuously negotiate for IMF support for Ghana’s Post-Covid Programme for Economic Growth.

According to the ministry, a clear path towards the final details of a programme with the IMF had been agreed upon, with the goal of reaching a Staff-Level Agreement by the end of the year.

“A pathway towards fiscal sustainability has also been extensively discussed, and the Government of Ghana and the IMF remain fully committed to the goal of reaching a Staff-Level Agreement on a programme within the shortest possible time,” the statement noted.

It said that with this objective in mind, negotiations would continue, with the IMF Mission Team, expected to be in Accra in the next few weeks.

“The Government of Ghana wishes to thank the IMF, the World Bank, our bilateral partners, and external investors, for their continued support,” the Finance Ministry said in a statement released last Friday.

The delegation, which comprises officials of the Ministry of Finance and the Bank of Ghana, went to Washington DC to attend the Annual Meetings for the World Bank and IMF, the statement intimated.

It added that the annual meetings concluded successfully with a renewed sense of urgency for countries to rally together to bolster the global economy, in light of the dim outlook for advanced and frontier markets alike.

“The delegation also had several positive and encouraging engagements with the World Bank, bilateral partners, US State officials, and external investors,” the statement disclosed.

It noted that several meetings were held between the Government of Ghana and the IMF, thereby advancing negotiations towards a fund-supported programme.

“The Government will continue to work with a fierce sense of urgency, to stabilise the economy and place it back on a firm trajectory of growth,” the statement stressed.

The Finance Ministry, on behalf of the government and the Bank of Ghana, expressed gratitude with Ghanaians for their forbearance in what is “undoubtedly a troubling and challenging time for our economy, and economies globally.”

It again pledged the ministry’s commitment to continuously provide regular updates and further details of the country’s economic programme to the public, immediately they become available.