The Ghanaian government has received praise from Minister of Finance Ken Ofori-Atta for how quickly it processed its bailout from the International Monetary Fund (IMF).
He claimed that Ghana had beaten all previous benchmarks for eligibility for a loan from the Bretton-Wood institute.
The Finance Minister said Ghanaians should congratulate the government for this achievement while speaking on Accra-based Joy FM.
“We have literally broken all records with regard to this restructuring. I think we need to recognise and acknowledge that. We started on July 1 and we’re able to gain record time and get our SLA concluded, the domestic debt restructuring and Paris Club have already met twice, and we expect them to within the next few weeks to deliver their assurances.
“I think really we should we should be excited about how fast government has worked,” he said on Joy FM’s Midday.
When asked if the government can meet the deadline to secure the IMF deal, Mr. Ofori-Atta said one shouldn’t be too sure of that.
In a related vein, Dr. Ernest Addison, the Governor of the Bank of Ghana, has urged the International Monetary Fund to take into account raising the thresholds for access, including extending access limits and lowering eligibility requirements for PRGT (Poverty Reduction and Growth Trust) resources, in order to increase concessional financing to the continent.
This, in his opinion, will guarantee that the most vulnerable members receive timely financing assistance.
“It is in this context we welcome the Fund’s decision to temporarily raise the annual and cumulative limits in the General Resources Account (GRA) to 200% and 600% of quota respectively for a period of 12 months.”
The Fund should maintain close contact with other international financial institutions and creditors, the Governor further urged, in order to strengthen the multilateral framework for timely resolution of Africa’s debt distress.
