The managing director of the International Monetary Fund (IMF), Kristalina Georgieva is urging Ghanaians to stay tuned and be positive as the government continue to engage external creditors to enable the country secure a US$3 billion facility from the Bretton Woods institution.
Responding to questions at the ongoing Spring Meetings of the World Bank Group (WBG) and the IMF in Washington DC on Thursday, April 13, 2023, she said the Fund has been pushing bilateral creditors to accelerate creditor talks to help Ghana restore its economy and have been holding crunch meetings to agree on financing assurances for the country pending Executive Board approval.
“To tell you the truth, I am actually quite optimistic. Ghana is going to move; the creditors are going to move; and we (the IMF) are going to move swiftly… so stay tuned and stay positive,” she said.
Her assurance comes amid ongoing discussions between Ghana and its creditors over its debt situation. Ghana’s debt-to-GDP ratio has increased to over 70%, leading to concerns about its ability to repay its loans.
However, Madam Georgieva said that the IMF is committed to supporting Ghana’s economic recovery and will work closely with the government and other stakeholders to address the country’s debt challenges.
“We know that Ghana has a strong track record of economic growth and has made significant progress in reducing poverty in recent years,” Georgieva said. “We believe that with the right policies and support, Ghana can overcome its current challenges and continue on a path of sustainable development.”
She also praised the Ghanaian government’s efforts to implement economic reforms, saying that they have taken “difficult but necessary steps” to address the country’s fiscal imbalances adding that the IMF is committed to providing technical assistance and policy advice to help Ghana implement its economic reform program.
Reporting by Nana Oye Ankrah in Washington DC
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