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UK, Germany & France: Ghana pushes for an expedited IMF deal

UK, Germany & France: Ghana pushes for an expedited IMF deal

The prospect of an expedited International Monetary Fund (IMF) agreement gained momentum this week when the United Kingdom, Germany, and France pledged to support the Ghanaian economy during the current crisis period.

These financial commitments followed closed-door bilateral meetings hosted by the Ghanaian government delegation.

The finance minister stated in an exclusive interview with the Daily Graphic that “Ghana still has great strengths to build on, as our productive sectors are still growing, expenditures are being contained, and the formal conclusion of IMF negotiations should support our balance of payments position.” As a result, our bilateral partners are increasing their support for our recovery plan.”

The Ghana delegation will outline the broad policy anchors for the Government’s flagship “Post-COVID Programme for Economic Growth” in negotiations with the IMF over the next week (PC-PEG).

The PC-PEG, referred to as the Enhanced Domestic Programme (EDP) in the 2022 Mid-Year Budget Statement, contains a set of time-bound structural reforms and fiscal consolidation measures designed to put Ghana’s debt levels and fiscal accounts on a sustainable path in the medium term.

Over the next few months, existing macroeconomic imbalances are expected to be alleviated by a combination of IMF assistance, structural reform programmes, and increased bilateral support.

Ghana, like many other countries, is dealing with a confluence of negative shocks exacerbated by debt vulnerabilities.

Also read: 2023 budget: Ofori-Atta assures Ghanaians of IMF deal

As a result, the timely completion of IMF negotiations continues to dominate the Government’s agenda.

Mr. Ofori-Atta is in Washington, D.C., for the World Bank and IMF Annual Meetings, to meet with key bilateral partners, and to continue negotiations with the Fund for support for Ghana’s Economic Programme.

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