Gov't to conclude negotiations with IMF in March — Nana Addo assures

President Nana Addo Dankwa Akufo-Addo has said Ghana will secure the financial bailout it is seeking from the International Monetary Fund (IMF) by March 2023.

Nana Addo

He gave the assurance when he held discussions with the visiting German Federal Minister of Finance, Christian Lindner last Friday at the Jubilee House in Accra.

According to him, everything that is required for Ghana to do or submit in order to reach an agreement with the fund has been done, and optimistic the processes have been finalized.

He stressed that there was a vital need for other creditors to support the efforts that his government was undertaking to restructure both the external and domestic debts of the country, to enable the IMF deal to fall through quickly.

He said "We have already taken one important step forward in concluding a staff-level agreement with the IMF. One of the steps was the domestic debt exchange programme which encountered a lot of difficulties, but it has now been virtually concluded."

"We are now looking towards going the full hog and concluding the agreement. We're hoping that will be done by the middle of March," he stated.

However, Nana Addo urged Germany to encourage China, an ad hoc member of the Paris Club, to support Ghana's debt restructuring efforts.

He said it was critical that the Paris Club swiftly establishes, with the participation of other official creditors, a creditors committee, to support the efforts that would enable Ghana to restore economic growth.

The government in December 2022 reached a staff-level agreement with the IMF as part of processes leading to a bailout.

Ghana is seeking to secure $3 billion from the IMF to complement the revenue shortfalls and to service its external debt.

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