Ghana-IMF $3bn deal to be finalised before end of year

According to Kristalina Georgieva, the Managing Director of the International Monetary Fund, an agreement between Ghana and the IMF should be negotiated and signed before the year is through.According to Kristalina Georgieva, the Managing Director of the International Monetary Fund, an agreement between Ghana and the IMF should be negotiated and signed before the year is through.

The IMF chief assured President Akufo-Addo in a private discussion on Monday, September 5, 2022, outside the Africa Adaptation Summit in Rotterdam, Netherlands, “we recognize the urgency, and we will move as swiftly as possible.”The IMF chief assured President Akufo-Addo in a private discussion on Monday, September 5, 2022, outside the Africa Adaptation Summit in Rotterdam, Netherlands, “we recognize the urgency, and we will move as swiftly as possible.”

She referred to Ghana as a “superb country” and reaffirmed the Fund’s commitment to working with the government and the ministry of finance to secure a deal before the year’s end.

ALSO CHECK;The 2022 Gomoa Fetteh Atopa Dance Festival’s “Wild Moves” [Video]

The paper that will be provided by the Ghanaian side is “ready for the examination of the IMF,” according to President Akufo-Addo, who also told the IMF director that the Cabinet and the Ministry of Finance had put a lot of work into it.

However, Kristalina Georgieva has underlined that external shocks rather than domestic factors are to blame for Ghana’s current economic difficulties.

Speaking outside of the Fund’s meetings with the Ghanaian team, Kristalina Georgieva said that, in contrast to the opposition narrative that Ghana’s problems are the result of the Akufo-Addo administration’s poor policies, the IMF chief said that the causes are exogenous.Speaking outside of the Fund’s meetings with the Ghanaian team, Kristalina Georgieva said that, in contrast to the opposition narrative that Ghana’s problems are the result of the Akufo-Addo administration’s poor policies, the IMF chief said that the causes are exogenous.

“We have started very constructive discussions already and to the people of Ghana, like everybody on this planet, you have been hurt by exogenous shocks,” she said.

She discussed the unrelated variables that have exacerbated Ghana’s economic problems and caused the West African nation to request an IMF program.

“The epidemic came first, then Russia’s conflict in Ukraine. We must understand that this mix of shocks, rather than poor national policy, is to blame, and we must support Ghana as a result, she said.

She added that because Ghana is a member of the IMF and is “a powerful country with great people,” the Fund is obligated to provide aid to the nation.

Additionally, Madam Kristalina Georgieva said, “We must help Ghana since its strength strengthens its neighbors’ and strengthens the entire world.”

To help the country get through the harsh economic dilemma it is in as a result of the negative impacts of the fatal coronavirus outbreak and the ongoing conflict between Russia and Ukraine, Ghana is asking the IMF for US$3 billion.

In some instances, President Akufo-Addo has said, “We have decided to seek the collaboration of the International Monetary Fund (IMF) to repair, in the short term, our public finances, which have suffered significantly as a result, while we continue to work on the medium- to long-term structural changes that are at the core of our goal of creating a Ghana Beyond Aid, that is building a resilient, robust Ghanaian economy.”

Source: Jubilee House Communications Directorate