Ghana to get IMF bailout in May – Ken Ofori-Atta assures

The Minister of Finance, Ken Ofori-Atta, has disclosed that Ghana is likely to secure a bailout from the International Monetary Fund (IMF) by May.

Ken Ofori-Atta

He said the country is in final negotiations with its external creditors and the Fund to secure the bailout.

Ofori Atta speaking to Eurobond holders at an Investors Presentation Forum said Ghana has made significant progress in terms of restructuring its debt and called on external creditors to support the country’s application for an IMF programme.

“We do at this time expect an IMF board approval in May [2023] and contemplate a rapid negotiation of a Memorandum of Understanding (MoU) with our creditors. We have made significant efforts on all fronts. We hope we could reach an agreement in principle with you our Eurobond holders quickly.”

“We understand this is a challenging time for all of you to commit and offer financial support to all of you. But please be assured we are fully committed to you and your advisors to ensure an equitable solution,” he said.


Palgrave Boakye-Danquah, the government's spokesperson for governance and security, has also said that the government is systematically enforcing the provisions of the staff-level agreement signed with the International Monetary Fund (IMF) and is certain that a solution will be struck by the end of the second quarter.

He was optimistic that Ghana will secure the $3 billion bailout from the IMF to improve the country's economic situation due to the success of the local debt exchange scheme and the support obtained from other creditors.

"I am confident that with the cooperation we are receiving from the Paris Club members and the People's Republic of China, which sent a delegation from China's Exim Bank to France over the weekend to meet with officials of the Ministry of Finance, we will be able to go to the board of the fund to finally conclude the agreement by the end of the quarter," Palgrave Boakye-Danquah said on Original TV.

He claimed that the agreement with the Fund would pave the way for Ghana's economy to rebound strongly.



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