The Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, has restated the Fund’s commitment to help Ghana secure a support programme.
Ghana, in December 2022, reached a staff-level agreement with the IMF, awaiting a board approval.
In a tweet, Ms. Georgieva said “very good meeting with 🇬🇭 President @NAkufoAddo. I congratulated him on 🇬🇭Ghana reaching a staff-level agreement for IMF support. We stand with Ghana and remain committed to helping deliver relief to Ghanaians”.
President Akufo-Addo is in America attending the U.S-African Leaders’ Summit.
Ghana secures staff agreement
The IMF staff and government of Ghana reached a Staff-Level Agreement on economic policies and reforms to be supported by a new three-year arrangement under the Extended Credit Facility (ECF) of about $3 billion.
A statement from the fund, said the Ghana’s strong reform programme aimed at restoring macroeconomic stability and debt sustainability while protecting the vulnerable, preserving financial stability and laying the foundation for strong and inclusive recovery, was key in this decision.
However, the staff-level agreement is subject to IMF Management and Executive Board approval and receipt of the necessary financing assurances by Ghana’s partners and creditors.
To support the objective of restoring public debt sustainability, the statement added that, the government has launched a comprehensive debt operation. But the Fund said sufficient assurances and progress on this front will be needed before the proposed Fund-supported programme can be presented to the IMF Executive Board for approval.
“The Ghanaian authorities have committed to a wide-ranging economic reform program, which builds on the government’s Post-COVID-19 Programme for Economic Growth (PC-PEG) and tackles the deep challenges facing the country”, the statement pointed out
Latest Stories
-
Ghana will move to renewable energy under my presidency – Bawumia
3 mins -
Telecel Ghana CEO calls for multilateral collaboration and investment in digital public infrastructure
8 mins -
Why forgetting is beneficial
16 mins -
UN climate talks in Bonn must push for greater ambition on climate finance – CSE
18 mins -
Petition to remove Kissi Agyebeng defeats fight against corruption – Legal Practitioner
20 mins -
Bright Simons: The ‘strategic mirage’ of Africa’s green minerals wealth
21 mins -
Row erupts over portraits of Australia’s richest woman
25 mins -
Check Rite Foundation equips fisherfolks at Mumford with safety measures
33 mins -
Office of Special Prosecutor effective despite understaffing – Edem Senanu
42 mins -
Minority demands reversal of hiked dialysis treatment cost
2 hours -
AI holds immense potential for Africa’s media industry – Akufo-Addo
2 hours -
Akufo-Addo pledges commitment to finding killers of investigative journalist Ahmed Suale
2 hours -
Bodies of 3 hostages recovered, Israel says
2 hours -
MTN Ghana drives sustainable development through digital innovation
5 hours -
Eric Otchere: Archbishop Nicholas Duncan-Williams: Apostle of Strategic Prayer
6 hours