President Nana Addo Dankwa Akufo-Addo has said by March 2023, Ghana will secure the financial bailout it seeks from the International Monetary Fund (IMF).
He made these claims during his meeting with the visiting German Federal Minister of Finance, Christian Lindner on Friday at the Jubilee House.
According to him, all that is required for Ghana to do or submit for the finalization on the agreement with the fund is done and is very hopeful of what the outcome would be.
He stressed that there was a vital need for other creditors to support the efforts that his government was undertaking to restructure both the external and domestic debts of the country, to enable the IMF deal to fall through quickly.
He said “We have already taken one important step forward in concluding a staff-level agreement with the IMF. One of the steps was the domestic debt exchange programme which encountered a lot of difficulties, but it has now been virtually concluded.”
“We are now looking towards going the full hog and concluding the agreement. We’re hoping that will be done by the middle of March,” he stated.
However, the President, requires of Germany to encourage China, an ad hoc member of the Paris Club, to be in of support Ghana’s debt restructuring efforts.
He said it was critical that the Paris Club swiftly establishes, with the participation of other official creditors, a creditors committee, to support the efforts that would enable Ghana to restore economic growth.
In December 2022, the government reached a staff-level agreement with the IMF as part of processes leading to a bailout.
Ghana is however looking to obtain a $3 billion from the IMF to complement the revenue shortfalls and to service its external debt.
