The managing director of the International Monetary Fund (IMF), Kristalina Georgieva, has said that the financing assurances from Ghana’s official creditors clear the way for the Fund’s board of directors soon to consider the country’s proposal for an IMF-supported programme.
In statement issued on Friday (12 May), Georgieva said: “I welcome the statement from the Official Creditor Committee for Ghana on the importance of an IMF-supported economic programme, together with its commitment to negotiate debt restructuring terms accordingly.
“This statement provides the necessary financing assurances for the IMF executive board to consider the proposed Fund-supported programme and unlock much-needed financing from Ghana’s development partners.
Signs of progress
“I also strongly endorse the call by the Official Creditor Committee for private creditors and other official bilateral creditors to commit to comparable debt treatments.”
The statement continued, “The creditor committee’s action recognises the Ghanaian authorities’ strong reform program, which aims to restore macroeconomic stability and debt sustainability while laying the foundation for an inclusive recovery.
“It also signals that further progress is being made under the G20 Common Framework, demonstrating that international partners are ready to work together to help countries resolve their debt issues.
“This is vital to enable countries such as Ghana achieve sustainable growth and poverty reduction,” the statement added.
On 12 December 2022, the IMF reached a staff-level agreement with the Ghanaian authorities on a new arrangement under the Extended Credit Facility.
The considerationof Ghana’s programme request by the IMF board of directors has been pending because of a lack of financing assurances from Ghana’s official bilateral creditors.
“Financing assurances”
China and the Paris Club have okayed Ghana’s request for support from the International Monetary Fund (IMF), an official statement released today (12 May 2023) said.
The creditor committee, made up of countries with eligible debt claims on Ghana, is now formally established.
The creditor committee is expected to be co-chaired by China and France.
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