IMF Mission Arrives for Further Negotiations

Two days ago, a delegation from the International Monetary Fund (IMF) entered the nation to continue talks with the government.

The IMF mission will meet with the Bank of Ghana, the Ministry of Finance, and other pertinent organizations, a source said.

If nothing unexpected happens, the negotiation is anticipated to end in the middle of December.

If a staff-level agreement is reached, Ghana anticipates receiving $3 billion from the IMF over a three-year period.

Negotiations will heavily reference the 2023 budget that Finance Minister KenOfori-Atta presented to Parliament.

In order to provide the country some fiscal room, the IMF delegation would also discuss debt restructuring extensively with the administration.

A successful IMF program would restore macroeconomic stability while also giving the country’s policies credibility.

On July 1, 2022, President Akufo-Addo gave the Finance Minister, Ken Ofori-Atta, the order to start official negotiations with the IMF for an economic program.

As a result, IMF had visited the nation to interact with important players in order to come to a staff agreement.

In order to advance discussions on a potential IMF-supported program, an IMF team led by Stéphane Roudet met with the teams of the Bank of Ghana Governor Addison and Finance Minister Ofori-Atta from October 11–19 during the IMF Spring Meeting in Washington, DC.

At the conclusion of the meetings, Mr Roudet said “The Ghanaian delegation and IMF staff had very fruitful discussions on the authorities’ post-COVID program for economic growth and associated policies and reforms that could be supported by a new IMF arrangement.

“We made good progress in identifying specific policies that would restore macroeconomic stability and lay the foundation for stronger and more inclusive growth. The IMF team and the Ghanaian authorities remain fully committed to reaching agreement on a framework and policies for an IMF-supported program as soon as feasible. Discussions will continue in the weeks ahead, with a follow-up mission to take place expeditiously,” he said.


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