Ghana’s efforts towards economic recovery have earned commendations from the global community, including the International Monetary Fund (IMF), World Bank, and bilateral partners.
The country’s successful domestic debt reorganization, improved revenue measures, and speedy negotiations with external creditors have contributed to a quicker response to its request for support from the Fund than many other countries that are facing similar precarious economic conditions according to the Director of the African Department of the IMF, Abebe Aemro Selassie.
At the just ended World Bank and IMF Spring Meetings in Washington D.C., Mr. Selassie lauded the country for the significant progress it has made over the last several months since its programme request, despite the difficulty.
“On the status of the program with Ghana, we had reached staff-level agreement, as you know, last December. And we are now comfortable that all of the measures required for us to present the program to our Executive Board are complete, except for the required financing assurances from external creditors.
“We are very encouraged by the steps that the government has taken over the last several months since the program request. It’s been a very difficult time of course, very difficult, very significant, measures that have had to be taken, and the initial steps that the government has taken are very encouraging,” he said.
He noted that Ghana’s development of its own Post Covid Programme for Economic Growth (PC-PEG) has also been exemplary because it shows that the country has clarity on what to do and makes it easy for the global community to rally around Ghana for a quicker response to the economic crises.
Government delegation led by Finance Minister, Ken Ofori-Atta have been in Washington as part of a week-long Spring Meeting to expedite Ghana’s request for a $3 billion loan request from the IMF. The delegation met members of the Paris Club, China, and other bilateral creditors to table a request for financing assurances to complete the loan request.
Ghana’s participation in the Spring Meetings also saw the formal unveiling of the roadmap of the Accra-Marrakech Agenda, which will culminate at the World Bank/IMF Annual Meetings in Marrakech, Morocco in October 2023. The country’s government delegation also met with officials of the US treasury, private sector investors, the International Finance Corporation (IFC), the United States Department of Agriculture (USDA) and the US Export-Import Bank, as part of efforts to strengthen the ties of friendship and economic cooperation between the two nations.
The delegation also met with officials of the US treasury, private sector investors, the International Finance Corporation (IFC), the USDFA and the US EximBank, as part of efforts to strengthen the ties of friendship and economic cooperation between the two nations.
