Ghana requires no further adjustments - Abebe Selassie

Abebe Selassie, the Director of the African Department at the International Monetary Fund (IMF), has announced that Ghana will not be required to implement additional adjustments.

Abebe-Aemro-Selassie IMF Africa, Boss

This statement comes as discussions among official creditors continue, aiming to finalize talks for the release of the third tranche of funds.

Selassie expressed confidence in Ghana's adherence to its obligations in securing the third tranche, stressing that the remaining responsibility lies with external creditors to fulfill their commitments for the board's approval of disbursement.

During the World Bank-IMF Spring Meetings in Washington on Thursday, April 18, Selassie remarked, "Ghana has done its fair share, and it is for creditors to take steps on this. We are not going to ask the government to make more adjustments because creditors haven’t asked either."

He highlighted the efficiency of the process in Ghana compared to other countries, stating, "Whereas it took nine months or more for Zambia to get the official creditor committee to be created, in Ghana’s case, it was very rapid."


Selassie also emphasized the importance of ongoing discussions among official creditors to swiftly conclude the upcoming review and commended Ghana for reaching agreements with the government on necessary policies to address recent challenges and establish a crucial budget for the following year.

However, earlier this week, Ghana announced its failure to secure a viable debt deal with two bondholder groups in its effort to restructure $13 billion of international bonds. The government stated that formal talks were on hold after the IMF indicated that the proposed deal did not align with its debt sustainability parameters.

Despite the setback, Finance Minister Mohammed Amin Adam's office remains committed to negotiations, aiming to reach a deal consistent with IMF debt sustainability targets.


Unblock notifications in browser settings.

Eyewitness? Submit your stories now via social or: