The Finance Minister, Ken Ofori-Atta is currently leading a team in Washington DC to make a final push for the board of the IMF to approve a US$3 billion bailout for the country.
The team which is made up of the Governor Bank of Ghana (BoG), Dr Ernest Addison as well as other members of the economic management team are expected to make the strongest case yet, to convince the IMF board to approve the deal.
Ofori-Atta and his team are attending the IMF/ World Bank Spring Meetings which will present a crucial platform for the team to make all the necessary moves to secure a deal for the country.
The entire country is awaiting the all-important announcement from the Fund’s board of directors that the staff-level agreement has been approved.
The government projected March ending for the approval but that was delayed due to a prolonged Domestic Debt Exchange Programme (DDEP) which saw some GHC12 billion debt restructured.
An external debt restructuring is also yet to be completed which will give financial assurance from external borrows including bilateral creditors such as China and the Paris Club.
The Ghanaian delegation is expected to hold meetings with the management of the IMF and the World Bank and also hold talks with commercial, bilateral and multilateral creditors at the meetings.
Ghana is seeking debt forgiveness and treatment from its external borrowers.
The IMF deal has been described by many economists as a tool to turn around the country’s economic fortune.
Ghana and almost all African countries including, Zambia, Ethiopia, Rwanda and Senegal are seeking support from the IMF following the global economic crisis due to COVID-19.
Reporting by Nana Oye Ankrah in Washington DC
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