Following several meetings with the International Monetary Fund (IMF) in the last few weeks in the United States, the Ministry of Finance announced that a “clear path towards the final details of a programme has been agreed upon by both parties.”
The Ministry stated in a press release on Friday, October 21, that a Staff-Level Agreement is expected by the end of the year.
“A path to fiscal sustainability has also been extensively discussed, and the Government of Ghana and the IMF remain fully committed to reaching a Staff-Level Agreement on a Programme as soon as possible.”
Stéphane Roudet, the IMF Mission Team Lead, described the discussions with Ghanaian officials in Washington DC as “fruitful” on Thursday, October 20.
“At the end of the discussions, we made good progress in identifying specific policies that would restore macroeconomic stability and lay the groundwork for stronger and more inclusive growth,” he said.
“The IMF team and the Ghanaian authorities remain fully committed to reaching agreement as soon as possible on a framework and policies for an IMF-supported program.”
Mr Roudet will lead the Team to Accra in the coming weeks to continue negotiations.
The Finance Ministry urged Ghanaians to be patient “in what is undeniably a troubling and challenging time for our economy, and economies around the world.”
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“The government will continue to work with zeal to stabilize the economy and return it to a solid growth trajectory.”
Last month, the Fund’s Managing Director, Kristalina Georgieva, promised that the $3 billion program sought by Ghana would be completed by the end of 2022.
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