IMF Instruct Ghana To Seek Assurance From Creditors

 IMF Instruct Ghana To Seek Assurance From Creditors.

The International Monetary Fund (IMF) has hinted that for Ghana to get approval from the Board, the GoG must secure financing assurances from its partners and creditors first.

Ghana requires a $3B IMF bailout to reconstruct the ailing economy. Finance Minister, Ken Ofori Atta, is in China to discuss debt forgiveness with the Asian superpower.

This was revealed at a news conference in Washington DC, communications director of the IMF,  Julie Kozack, said the IMF is engaging the Ghanaian Authorities on the bailout request. According to her, the organization is seeking assurance from Ghana’s creditors.

Financing assurances from partners and creditors are necessary for presenting the programme request to the IMF’s Executive Board for approval”.

We are calling on bilateral creditors to support Ghana’s effort to restore debt sustainability, form an official creditor committee, and deliver the necessary financing assurances as soon as possible. She stated.

Meanwhile, the government has also pointed out that it is working to present its economic programme by March end 2023.

The government of Ghana is yet to meet all the pre-conditions needed before the programme can commence.

In a related development, Ghana’s Finance Minister, Ken Ofori-Atta, has revealed that conversations with China over Ghana’s debt have been positive and encouraging.

So far we have had very positive and encouraging meetings in China! Looking forward to securing external assurances very soon, even as we pass our outstanding domestic revenue bills back home. Great progress on all fronts,” a tweet on the official Twitter page of the Finance Minister on Friday, March 24 stated.

China on Thursday, March 23, also stated that it would like to enhance communications with Ghana to seek a proper resolution of Ghana’s debt issue. A lazy man’s approach has become a burden for hard workers.

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