The International Monetary Fund (IMF) has said that they are making good progress following a series of meetings with the Finance Minister of Ghana and his team in the United States.
In a statement dated October 20th, the Fund said they held ‘fruitful discussions’ with Ghana towards a program and that they are committed to “reaching an agreement” with Ghana as soon as possible.
“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.” Stéphane Roudet, IMF Mission Chief for Ghana said in the statement.
“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 added.
Minister of Finance Ken Ofori-Atta and Bank of Ghana Governor, Ernest Addison, led their respective teams to Washington DC for a series of World Bank and IMF meetings earlier this month.
Ghana is seeking support from the Fund to help stabilise the economy, which is in freefall with rising inflation, a high cost of living and a depreciating currency that has been adjudged the worst in the world.
Meanwhile, the Finance Minister continues to project confidence that the economy will stablise soon enough.
Speaking to a journalist of Accra-based Asaase Radio from Washington DC, Ken Ofori-Atta said, “It is a bit perplexing because as you know, typically we go to markets at the beginning of the year and get our two billion. But that we were not able to do, we were able to then get US$750 from AfriExim in the summer, August or so, to stabilize it. Then we moved on traditionally as we do, the ASL, the annual syndicated loan of COCOBOD, and that came in very strongly. So, it is quite perplexing to see where it is going.”
He added: “The support we are getting from countries like Germany, France etc. we are confident that we will get the resources needed. So, we really would want people to know not to panic or be rushing to put pressure on the currency. I think it is unnecessary and we are in good shape. Of course, typically in October, people are importing for Christmas and maybe there is a rush for that. But my expectation is that once we also conclude the fund, that would lead to the Fund’s disbursement early next year.”
Source: theGhanaianVoice.Com