President Akufo-Addo has declared that Ghana’s economy will soon be on the path to recovery, following approval by the Paris Club and China of negotiations with Ghana, aimed at paving the way for the country to secure $3 billion in budgetary support from the International Monetary Fund (IMF).
Addressing a delegation from the Catholic Bishops Conference at Jubilee House in Accra on Friday (12 May) when they paid a courtesy call on him, the president said the decision by the Paris Club signals a significant step towards economic recovery for Ghana.
The respite will follow geopolitical and economic shocks that the country suffered from the COVID-19 pandemic and the war in Ukraine, started by Russia.
“Today is quite a special day in the recent history of Ghana,” President Akufo-Addo said.
“At long last, after various issues with the IMF, we’ve today been informed that the last hurdle towards our agreement with the fund has been overcome,” he said.
The president expressed delight that he was making his first pronouncement about the Paris Club development to members of the clergy, and particularly the Catholic Bishops Conference.
At a meeting today (Friday 12 May 2023), China and the Paris Club okayed Ghana’s request for support from the International Monetary Fund (IMF), an official statement from the Club 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, the statement said.
“The creditor committee examined the macroeconomic and financial situation of Ghana, including its long-term debt sustainability, and its formal request for a debt treatment under the ‘Common Framework for Debt Treatments beyond the DSSI’ endorsed under the Saudi G20 presidency in November 2020, which was also endorsed by the Paris Club.
“The creditor committee supports Ghana’s envisaged IMF upper credit tranche (UCT) programme and its swift adoption by the IMF Executive Board to address Ghana’s urgent financing needs.
“The creditor committee encourages Multilateral Development Banks (MDBs) to maximise their support for Ghana to meet its long-term financial needs,” the statement added.
Wilberforce Asare
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