Negotiations for support by Ghana from the International Monetary Fund (IMF) have reached technical level.
Officials of the Fund have described the second round of negotiation with Ghana for a loan support facility for the country’s homegrown economic programme as constructive.
The team will now be moving to further assess Ghana’s debt sustainability in the weeks ahead, including discussions at its Annual Meetings in Washington D.C.
Stéphane Roudet, the IMF Mission Chief to Ghana, at the end of the meeting said “We had constructive discussions on policies aimed at restoring macroeconomic stability and laying the foundation for stronger and more inclusive growth.”
“We reaffirm our commitment to support Ghana in these challenging times, consistent with the IMF’s policies,” Mr Roudet, said.
He expressed the IMF team’s gratitude to the Ghanaian authorities, private sector, civil society, development partners and other stakeholders for their constructive engagement and support during this mission.”
The second in a series of negotiations dealt with issues including ensuring public finance sustainability while protecting the vulnerable, bolstering the credibility of monetary and exchange rate policies to reduce inflation and rebuild external buffers.
The discussions also touched on preserving Ghana’s financial sector stability, and steps to encourage private investment and growth, including by improving governance, transparency, and public sector efficiency.
The IMF team was in Ghana from September 26 to October 7, 2022 and discussed policies that could be supported by an IMF arrangement to help the country navigate through the current economic hardship and improve its fiscal balances sustainably.
They met with President Nana Addo Dankwa Akufo-Addo, and his Vice, Dr Mahamudu Bawumia, as well as the Finance Minister Ken Ofori-Atta, and Bank of Ghana Governor, Dr Ernest Addison and their respective teams.
The IMF team also met with the Parliament’s Finance Committee, and representatives from various government agencies, the Trades Union Congress, the private sector, civil society organizations, and development partners.
By Vincent Kubi