Ghana is hopeful that the current negotiations with the International Monetary Fund (IMF) about the country's requested $3 billion bailout will be completed by March.
According to a recent report, the problems with Ghana’s domestic debt exchange program, one of the prerequisites for the IMF grant, have "essentially been resolved," allowing the country’s negotiations with the IMF to move forward.
Speaking with the visiting German Federal Minister of Finance, Christian Lindner, last Friday at the Jubilee House in Accra, the president of Ghana, President Nana Addo Dankwa Akufo-Addo made the reassurance that Ghana is very close to securing the $3 billion bailout loan has been requesting from the IMF since 2022.
He noted that the administration's key priorities are the process of finalizing negotiations with the IMF and the particular support that would enable Ghana to accelerate its economic recovery.
“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,” the president disclosed.
The Finance Minister of Germany visited Ghana for bilateral discussions with the leadership and business community, as well as to reassure Ghana of Germany's assistance in helping Ghana overcome its present economic difficulties.
Even though they were aware of Ghana's economic difficulties, the group, according to Mr. Lindner, thought they presented prospects for cross-border commerce.
On July 1, 2022, following months of rumors, Ghana declared it will approach the IMF for assistance.
As part of the procedures leading to a bailout, the government subsequently came to a staff-level agreement with the fund in December 2022.
President Akufo-Addo praised Germany for promising to assist Ghana in overcoming its present economic difficulties and urged the German government to support this effort.
The worst economic year for Ghana in decades led to the country's attempt to get a $3 billion loan from the IMF. The west African country, which has historically enjoyed economic prosperity for the better half of the last 2 decades, suffered greatly last year as a result of both internal and foreign economic complications. This caused the country to experience one of its worst fiscal downturns, which forced the administration to ask the IMF for assistance.
Within Ghana’s parliament, there is optimism that this $3 billion loan could drastically improve Ghana’s economic situation, while in the eyes of the public, this loan is just an addition to the country’s external debt.