Finance Minister, Ken Ofori-Atta is pushing for a quick completion of negotiations with the International Monetary Fund for an economic programme that will address Ghana's macroeconomic and structural challenges.

This is coming after he met the Director for the Africa Department of the IMF, Abebe Aemro Selassie at the ongoing Annual IMF/World Bank Spring Meetings.

Formal negotiations will continue after the Annual Meetings, between the Government of Ghana team, led by Mr. Ofori-Atta and the IMF team, led by the IMF Mission Chief, Stéphane Roudet.

The negotiations will prioritise the implementation of policies that create the conditions for a stable macroeconomic environment, sustainable growth and debt sustainability.

Ofori-Atta urges G-24 to champion rollout of more debt for climate swaps

As part of the Annual Meetings Programme, the Finance Minister, on October 11, 2022, attended the 108th Meeting of Ministers and Governors of the Group of 24 on the theme "Securing a Sustained Post-Pandemic Recovery".

The meeting provided a platform to discuss critical areas where the international community and international financial institutions such as the IMF and the World Bank Group could scale up their support for emerging economies.

The forum came against the backdrop of a confluence of external shocks - in particular, the Covid-19 pandemic, the continuing consequences of the Russia-Ukraine war and deepening concern about the imminent impact of climate change.

Mr. Ofori-Atta also told the G-24 to champion the rollout of more debt for climate swaps in order to address the dual crisis of climate change and rising debt in order to build economic resilience amongst climate vulnerable countries.

The Debt for Climate (DFC) swaps enable countries to make external debt payments in local currency instead of a foreign one, to finance climate projects domestically on agreed terms. DFC swaps can reduce the level of indebtedness as well as free up fiscal resources to be spent on green investments