US$3 Billion Bailout for Ghana To Be Finalised Before 2022 Ends – IMF

The MD of the International Monetary Fund (IMF), Kristalina Georgieva, has stated that a deal between Ghana and the Fund should be reached and finalised before the end of the year.

In a close door meeting with President Nana Addo Dankwa Akufo-Addo on Monday (5 September) on the sidelines of the Africa Adaptation Summit, in Rotterdam, Netherlands, the IMF boss told the Ghanaian leader that “we understand the urgency, and we will move as quickly as possible.”

Describing Ghana as a “superb country”, she reiterated the determination of the Fund to work with the government and the Ministry of Finance, and ensure that an agreement is in place before the end of the year.

On his part, President Akufo-Addo indicated to the IMF boss that a lot of work has been done by his cabinet and the Ministry of Finance, and the document to be presented by the Ghana side “is ready for the scrutiny of the IMF.”

External factors

Meanwhile, Georgieva has said that Ghana’s current economic challenges are not locally generated but from external shocks.

She said that the factors are exogenous.

“We have started very constructive discussions already and to the people of Ghana, like everybody on this planet, you have been hurt by exogenous shocks,” she said.

She mentioned the extraneous factors which have contributed to Ghana’s economic woes, leading to the West African country seeking a programme from the IMF.

“First the pandemic, then Russia’s war in Ukraine. We need to realise that it is not because of bad policies in the country but because of this combination of shocks, and, therefore, we have to support Ghana,” she said.

She also indicated that Ghana is a member of the IMF, “a strong country with fantastic people”, and as such it is incumbent on the Fund to lend the country support.

Georgieva also indicated “we have to support Ghana because your strength contributes to the strength of your neighbours; it contributes to a stronger world.”