Government says it will not renege on its quest to secure a deal with the International Monetary Fund (IMF) following the Staff-Level Agreement signed. 

According to the government, that is not the ultimate but a critical step.

This is according to a Deputy Finance Minister, Dr John Kumah. 

In his estimation, the government’s ability to achieve the Staff-Level Agreement within five is commendable. 

However, the Ejisu MP noted that is not the ultimate. 

“Of course achieving the Staff Level Agreement is not the ultimate, but it’s a very critical step towards getting programmes from the fund.

“Many people did not give Ghana the chance that it will be possible within five to six months to be able to achieve a Staff-Level Agreement in an IMF programme. 

On the whole, we just want to give thanks to the Lord for Ghana to achieve this at this level”.

The Bretton Woods Institution on Monday in a press release said it has reached a Staff-Level Agreement on economic policies with the Ghanaian government. 

This is to be supported by a new three-year arrangement under the Extended Credit Facility (ECF) of about $3 billion.

According to a statement from the fund, the government’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.