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HistoryGovernment and IMF to announce staff-level agreement today

Date:

Government and IMF to announce staff-level agreement today

Today, December 13, the government and the International Monetary Fund (IMF) will reveal a staff-level agreement.

In a post from the Ministry of Finance on Twitter, a joint news conference will be conducted at 10 am.

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The IMF board will then negotiate and presumably adopt a program for the nation after that.

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A settlement between Ghana and the Fund could be achieved shortly, given the cedi’s value has been rising recently versus the US dollar.

As a significant step toward achieving an agreement with the IMF to launch a program, the administration has started restructuring the nation’s debt as of Monday, December 5. Domestic debt served as the program’s foundation.

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Since December 1, an IMF delegation has been in Ghana to continue discussions with Ghanaian authorities about the country’s post-COVID-19 economic growth program and related policies and reforms that could be financed by a new IMF lending arrangement. The delegation is led by Stéphane Roudet, Mission Chief for Ghana.

In July 2022, Ghana requested assistance from the IMF once more so that it could pay its debts to the rest of the globe and repair the soundness of its public finances.

It is the second time in the past three years, and 17th since independence in 1957 that Ghana has turned to the IMF for help.

 

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