Economy of Ghana Gov’t considering an extension of IMF deal

The Minister for Monitoring and Evaluation, Dr Anthony Akoto Osei there has not been an agreement yet but discussions are far advanced for an extension.

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President Nana Akufo Addo play

President Nana Akufo Addo

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The Nana Akufo-Addo-led government is considering a possible extension of the country’s programme with the International Monetary Fund (IMF).

The Minister for Monitoring and Evaluation, Dr Anthony Akoto Osei in a recent interview with Accra-based Citi FM said there has not been an agreement yet but discussions are far advanced.

“Originally the programme was expected to end on April 2018 but I know they are discussing extending it to December 2018 that may be coming at the request of the government, not the IMF. They can’t do that.  The time is too short for now. So the government thought that it may be useful to end in December rather than in April.”

Monitoring and Evaluation Minister, Dr. Anthony Akoto Osei play

Monitoring and Evaluation Minister, Dr. Anthony Akoto Osei

 

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“That is a proposal until the mission that came to do the assessment come back to government. Once they discuss it then there will be another meeting to formally make the request. The government has discussed that possibility with the IMF but nothing has been signed yet,” he added.

Ghana has a three-year agreement with the IMF. The programme is will see the disbursement of a total of 918 million dollars (USD 918,000,000), to Ghana.

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The programme aims to restore debt sustainability and macroeconomic stability in the country; to foster a return to high growth and job creation while protecting social spending.

Ghana has so far received a total of about US$464.6 million as disbursements from the IMF.

The latest was on September 28, 2016.

The NPP in their early days in power reiterated their willingness to review the deal with IMF to ensure the country benefits more than it is benefiting now.

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