President Nana Addo Dankwa Akufo-Addo has hinted that Ghana will likely obtain the financial bailout it is requesting from the International Monetary Fund (IMF) by the middle of February 2023.
He stated that Ghana has completed all necessary steps and provided all necessary documentation in order to reach an agreement with the Fund, and he expressed confidence that the procedures will be completed by the end of next month.
The president noted during a meeting with some African-American Harvard Business School students at the Jubilee House that Ghana’s economy has suffered significantly recently, forcing Ghana to turn to the IMF for a bailout.
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“We’ve had difficulties in the past few years trying to reposition our economy to grow again. Some basic statistics that all of you are familiar with have pushed us back; the energy sector crisis, the global food crisis, and many others, and Ghana is yet to escape from all of these crises.
“We are going through the processes with the International Monetary Fund right now and hopefully by the middle of this month or February, a full-blown IMF programme will be put in place which will help us repair our public finances which took a big hit from external forces.”
As part of the procedures leading to a bailout, the government and the International Monetary Fund (IMF) achieved a staff-level agreement in December 2022.
Ghana wants to borrow $3 billion from the IMF to cover its revenue gaps and pay off its foreign debt.
This is the seventeenth time Ghana has requested assistance from the IMF to address its balance of payment problems.
Source: Myjoyonline
