By Rukuyiatu Musah and Clifford Okyere and Franklin Asare-Donkoh
Ghana’s Minister of Finance, Mr. Ken Ofori-Atta, has announced that the International Monetary Fund (IMF) has reached a staff-level agreement with Ghana for a $3-billion extended credit facility.
He expressed gratitude to the IMF team for reaching an agreement to support Ghana.
Mr Ofori-Atta made this known on Tuesday, December 13, 2022 when speaking at a joint Press Conference with the IMF following the reaching of the staff-level agreement.
At the conference, the IMF, represented by Mission Chief Stéphane Roudet, admitted that Ghanaian authorities have committed to a wide-ranging economic reforms to make the programme successful.
But, Mr Roudet said sufficient assurances are still needed on some areas, particularly on debt restructuring, for the Management and Executive Board to approve the programme.
The Finance Minister pledged Ghana’s commitment to honor its part of the bargain to make the programme successful.
He was, consequently, grateful to God for the development.
“Indeed, to God be the glory, for these great things He has done within five months,” Mr Ofori-Atta told journalists and all gathered at the Press Conference.
“I am certain that He who began a good work will continue until it is finally finished.
“Greater things I believe He will do and let us all gather the harvest with joy. These indeed are both times for a Joseph recovery and also a Nehemiah rebuilding.”
The Finance Minister also thanked the President and the Vice President as well as his deputies for the hard work put in the past five months to secure such a “historic” agreement within a short period.
Meanwhile, giving details of the agreement, Mission Chief of the IMF, Stephane Roudet, said government has agreed to a wide range of economic programmes targeted at growth and addressing the current economic challenges.
”……. will include reforms to ensure sustainability of Public Finance by the introduction of policies which would lead to reduction in fiscal deficit, comprehensive debt restructuring, reforms to strengthen fiscal transparency and public financial management, improve management of public enterprise, boost government, tackle structural changes in the energy and cocoa sector, reduce inflation and most importantly, protect the vulnerable and create jobs and investment in the private sector”, according to Mr. Roudet.
”The government had earlier announced in July 1, 2022 its return to the fund for support after all Post-Covid recovery measures proved futile. The negotiations has ended after a six month consultations with concerning stakeholders on how and the necessary programme needed by the country to help salvage the ailing economy.
