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“We pray this is going to be the last – Ken Ofori-Atta comments on IMF bailout.

In order to put an end to Ghana’s recurrent requests for an IMF bailout, according to Finance Minister Ken Ofori-Atta, the country has a strong programme in place.

On Tuesday, December 13, 2022, Mr. Ofori-Atta stated during a joint press conference with the IMF that the government’s Post-COVID-19 Program for Economic Growth (PC-PEG) will significantly help to solve the significant issues facing the nation’s economy.

“We pray that this is going to be the last and that is why the programme is that strong,” he said in response to a question posed by EIB Network’s reporter, Edem Kojo who asked whether there is any guarantee that Ghana will not return to the Fund again.

The SLA agreed with the Washington-based lender, according to Mr. Ofori-Atta, won’t be the end of the road; further work will need to be done for a satisfactory resolution.

The staff-level agreement is contingent on receiving the required finance assurances from Ghana’s partners and creditors as well as IMF Management and Executive Board approval.

Ghana has requested help from the IMF 17 times total since gaining independence in 1957, the most recent time being two or three years ago.

In the most recent, the administration’s former position that it would avoid requesting a bailout from the Fund in the future has been reversed.

A staff-level agreement on economic policies and reforms has been reached between IMF staff and the Ghanaian government after six months of negotiations. This agreement will be supported by a new, three-year Extended Credit Facility (ECF) arrangement worth roughly US$3 billion.

The authorities’ comprehensive reform plan aims to establish the groundwork for a robust and inclusive recovery while safeguarding the weak, preserving financial stability, and restoring macroeconomic stability and debt sustainability.

Since December 1, an IMF staff team led by Stéphane Roudet, Ghana’s Mission Chief, has been in the nation to continue talks with Ghanaian authorities about the country’s post-COVID-19 economic growth programme and related policies and reforms that might be financed by a new IMF funding arrangement.

Disclaimer: The opinions expressed in this publication do not in anyway reflect the opinions of State News Ghana

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