An International Monetary Fund staff-level agreement is expected to be reached with Ghana this week for a possible 3 billion dollar bailout.
Details of the agreement are expected to form the basis for Ghana’s 2023 budget to be presented in the middle of November.
Finance Minister, Ken Ofori-Atta who is leading the Ghana team in negotiations with the IMF in Washington DC, is optimistic the agreement will offer Ghana the opportunity to access the funds early next year.
“The discussions with the fund are going very well, what we intended to do is to get us [Ghana] close to a staff-level agreement as possible so that we can incorporate all of our decisions, most of them, into the budget so there will be no reversal and therefore by year-end, the board will approve,” he said.
He expressed his excitement at the level Ghana has reached with the IMF stating that if the deal is completed by the end of 2022, “it means disbursement from the fund which replaces what we would have done by going to the international market.”
Sharing his thought on the cedi’s depreciation, he said that there is no need to panic over speculations in the currency shift. This, he said is due to the record his government is known for.
But a Minority on Parliament’s Finance Committee has cast doubt over the government’s chances of closing a deal with the International Monetary Fund (IMF) for an economic programme by end of the year.
Speaking to JOYBUSINESS’ George Wiafe in Washington DC at the just-ended Annual IMF/World Bank meeting, Ranking Member on the Committee, Dr. Cassiel Ato Forson said Ghana can only secure a deal with the IMF by the first quarter of 2023.
“…I am for a very quick IMF programme but I can assure you that November, December is not possible, the earliest Ghana can have an IMF programme if we are committed to it is the first quarter of 2023,” he said.
Meanwhile, the International Monetary Fund is warning of tough times ahead. Managing Director, Kristalina Georgieva says the fund has so far released over 300 billion dollars to support countries in dire need of support.
Latest Stories
-
Haaland scores as Manchester City beat Nottingham Forest
30 mins -
Villas-Boas elected Porto president
35 mins -
Situation on frontline has worsened, Ukraine army chief says
42 mins -
US doctor describes witnessing starvation in northern Gaza
47 mins -
CAFCC: RS Berkane make final after USM Alger refused to play 2nd leg over Moroccans’ jersey
49 mins -
Elon Musk in China to discuss enabling full self driving
57 mins -
PSG clinch Ligue 1 title after Lyon’s win over Monaco
3 hours -
Guinness Ghana sets the pace at Ghana Beverage Awards with six awards
4 hours -
Burkina Faso suspends BBC, VOA radio broadcasts over killings coverage
4 hours -
Nicole Kidman honoured with AFI Life Achievement Award
4 hours -
Brassier scores winner for Brest as they edge Rennes to secure European football
4 hours -
Akufo-Addo jabs Ejisu independent candidate; rubbishes allegations to rig by-election
4 hours -
‘What are the real causes of the erratic power outages?’ GUTA asks ECG
4 hours -
Implementing ESG framework in Ghana’s energy sector for sustainability
5 hours -
CAFCC: Dreams FC exit competition after 0-3 defeat in Kumasi
5 hours