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Ghana looks to fast-track its negotiations with the International Monetary Fund

Ofori-Atta and Kristalina Georgieva
  • Ghana is currently in talks with the IMF on a rescue package to mitigate the country’s present economic crises
  • The country is looking to fast-track its ongoing negotiations with the IMF
  • Ghana is yet to reach a deal with the IMF owing to discussion on the parameters for debt operations

Ghana and the International Monetary Fund have been in discussions recently on a $3 billion bailout loan.

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The country has solicited the IMF’s aid in rescuing its economy from the current crises it has been experiencing. Recently, the IMF team visited Ghana for further discussions on the country's $3 billion loan request. Read Story here…

Following Ghana’s request for a loan from the international organization, representatives from the IMF, the country’s finance ministry, and the central bank have been in serious talks.

The latest report on this discussion notes that Ghana’s negotiations with the International Monetary Fund over a rescue package will be fast-tracked.

This was disclosed during a press conference on the economy released by Finance Minister Ken Ofori-Atta.

According to the Finance Minister, “The IMF Mission will cover 10 days; and in line with H.E. the President’s dialogue with the IMF Managing Director, Kristalina Georgieva, negotiations will be fast-tracked to ensure that key aspects of the program are reflected in the 2023 Annual Budget Statement in November 2022.”

He also noted that the Ghanaian government is currently trying to ensure that it negotiates a deal with the IMF that promotes stability in its macroeconomics, guarantees durable and inclusive growth, and promotes social protection.

Although, he said no deal has been made yet as an agreement on the parameters of debt operations is still inconclusive.

“We simply have not reached any agreement with the Fund on the parameters of any debt operations as we are in the process of completing the debt sustainability analysis. Government shall continue to actively engage all stakeholders clearly and transparently as we seek to fast-track the IMF negotiation process.” He said.

Ghana’s economy grew by 4.8% in Q2 of 2022, despite its recent economic crises, proving that at the very least, Ghana’s current administration understands how to manage the country’s resources and, of course, its crises. Read story here...

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