Ghana is most likely to receive a bailout from the International Monetary Fund (IMF) by May, according to Finance Minister Ken Ofori-Atta.
According to him, the nation is currently in final talks to secure the bailout with the Fund and its external creditors.
Speaking to holders of Eurobonds at an Investors Presentation Forum, Mr. Ofori-Atta declared that Ghana had made significant strides in debt restructuring and urged other creditors to support the nation’s application for an IMF program.
“We do at this time expect an IMF board approval in May [2023] and contemplate a rapid negotiation of a Memorandum of Understanding (MoU) with our creditors. We have made significant efforts on all fronts. We hope we could reach an agreement in principle with you our Eurobond holders quickly”.
“We understand this is a challenging time for all of you to commit and offer financial support to all of you. But please be assured we are fully committed to you and your advisors to ensure an equitable solution,” he said.
The government is systematically enforcing the terms of the staff-level agreement it signed with the International Monetary Fund (IMF), according to Palgrave Boakye-Danquah, the spokesperson for governance and security. He also stated that he is confident that a solution will be reached by the end of the second quarter.
Due to the success of the local debt exchange scheme and the backing from other creditors, he was optimistic that Ghana would secure the $3 billion IMF bailout to improve the country’s economic situation.
“I am confident that with the cooperation we are receiving from the Paris Club members and the People’s Republic of China, which sent a delegation from China’s Exim Bank to France over the weekend to meet with officials of the Ministry of Finance, we will be able to go to the board of the fund to finally conclude the agreement by the end of the quarter,” Palgrave Boakye-Danquah said on Original TV.
He asserted that Ghana’s economy would experience a robust recovery as a result of the agreement with the Fund.
