We Have Made Good Progress – IMF On Ghana's Proposal | Economy

An International Monetary Fund (IMF) crew, led by Stéphane Roudet, met throughout October 11-19 in Washington, DC with Finance Minister Ofori-Atta, Bank of Ghana Governor Addison and their groups, to proceed discussions on a potential IMF-supported program .

At the conclusion of the conferences, Mr. Roudet issued the next assertion: “The Ghanaian delegation and IMF employees had very fruitful discussions on the authorities' post-COVID program for financial development and related insurance policies and reforms that could possibly be supported by a brand new IMF association.

“We made good progress in identifying specific policies that would restore macroeconomic stability and lay the foundation for stronger and more inclusive growth. The IMF team and the Ghanaian authorities remain fully committed to reaching agreement on a framework and policies for an IMF-supported program as soon as feasible. Discussions will continue in the weeks ahead, with a follow-up mission to take place expeditiously.”

The Finance Minister Ken Ofori-Atta was hopeful that the IMF will approve this system by finish of the 12 months.

He advised TV3's Paa Kwesi Asare in an earlier interview on the sidelines of the annual conferences of the IMF and the World Bank in Washington DC that the Fund is motivated to shut the deal by finish of the 12 months.

“…To get us near a employees degree settlement as potential in order that we are able to incorporate all of our choices additionally into the finances so there will probably be no reversal and subsequently, by 12 months ending, hopefully, the board will approve.

Do you see that taking place? he was requested.

In a response, he mentioned “We need to make it occur, the Fund may be very motivated, we're 24/7, we are going to keep a number of extra days after this annual conferences and guarantee we make strong progress going ahead.

“I am excited about where we are, which therefore means that if we complete it by end of the year, disbursements from the fund which replaces what we would have done going to the international market. Clearly, in my mind there is no need for speculation as to where the currency should be.”

Earlier, Mr Ofori-Atta assured at a press briefing on Wednesday, September 28 the fast-track negotiations with the IMF to make sure key elements of this system are mirrored within the 2023 finances assertion.

“In line with the President's dialogue with the IMF Managing Director, Kristalina Georgieva, negotiations will be fast-tracked to ensure that key aspects of the program are reflected in the 2023 Annual Budget Statement in November 2022,” he mentioned.