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We’ve broken all the records for the requirements needed for an IMF loan – Ofori-Atta

Ken Ofori-Atta, the Minister of Finance, has patted the Ghanaian government on its back for the speed in which it has processed its bailout from the International Monetary Fund (IMF).

Ken-Ofori-Atta

He said Ghana has broken all the records in the requirement category for a loan from the Bretton-Wood institute.

Speaking on Accra based Joy FM, the Finance Minister said Ghanaians must commend government for this feat.

“We have literally broken all records with regard to this restructuring. I think we need to recognise and acknowledge that. We started on July 1 and we’re able to gain record time and get our SLA concluded, the domestic debt restructuring and Paris Club have already met twice, and we expect them to within the next few weeks to deliver their assurances.

“I think really we should we should be excited about how fast government has worked,” he said on Joy FM’s Midday.

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Speaking on whether the government is capable of meeting the deadline for securing the IMF deal, Mr Ofori-Atta said one cannot be too presumptuous about that.

Relatedly, the Governor of the Bank of Ghana, Dr. Ernest Addison, has urged the International Monetary Fund to consider increasing concessional financing to the continent by modifying the access thresholds, including expanding access limits and relaxing eligibility criteria for PRGT (Poverty Reduction and Growth Trust) resources.

This, he believes, will ensure timely financing assistance to the most vulnerable members.

“It is in this context we welcome the Fund’s decision to temporarily raise the annual and cumulative limits in the General Resources Account (GRA) to 200% and 600% of quota respectively for a period of 12 months."

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The Governor also urged the Fund to continue close engagements with other international financial institutions and creditors to strengthen the multilateral framework for dealing with Africa’s debt distress in a timely manner.

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