Kristalina Georgieva, IMF MD

The managing director of the International Monetary Fund (IMF), Kristalina Georgieva, has congratulated Ghana’s newly appointed Finance Minister, Dr Mohammed Amin Adam.

Georgieva also assured the finance minister of her full co-operation to ensure the full implementation of Ghana’s current US$3 billion bailout.

“I would like to extend my warmest congratulations on your appointment as Ghana’s Minister of Finance. Your leadership will be essential in sustaining Ghana’s reform effort and in further extending the current momentum of compelling programme performance and gradual economic stabilisation.

“I would like to assure you of the International Monetary Fund’s continued commitment to support you in these endeavours,” the letter from the office of the IMF boss, dated Thursday 15 February 2024, read.

“Please accept my very best wishes of success in your new role at a critical moment in Ghana’s history,” the letter added.

Targets stay the same

Meanwhile, Dr. Amin Adam pledged to keep the US$3 billion International Monetary Fund programme on track as Ghana aims to finish restructuring its overseas debt before the December elections.

President Nana Akufo-Addo replaced Ken Ofori-Atta with Adam, a petroleum economist who was minister of state at the Ministry of Finance. Ofori-Atta led the negotiation of the US$3 billion IMF programme.

Mr. Ofori-Atta, alongside Amin Adam, was seeking relief on about US$13 billion owed to private bondholders before he was removed.

“There will not be any delays in the ongoing debt negotiations with bondholders because I have been part of the process,” Dr Adam told Reuters in a telephone interview.

“The advisers remain the same and the targets have not changed,” he said, noting that he was involved in talks from the start.

“There will be no reversal on the IMF programme of fiscal consolidation. Revenue mobilisation will be aggressive, backed by new reforms at the Ghana Revenue Authority,” Dr. Adam said.

He also said spending would be efficient and would directly benefit Ghanaians.

“I am a pro-reform person,” Adam said, “and therefore strongly support the structural benchmarks under the IMF programme.”