Government Optimistic About Securing The IMF Deal Next Month – Ken Ofori-Atta

Government Optimistic About Securing The IMF Deal Next Month – Ken Ofori-Atta

Finance Minister, Ken Ofori-Atta, has indicated that government is optimistic about securing the Board of the International Monetary Fund’s (IMF) approval for its support programme by May 2023.

Ken Ofori-Atta says he is optimistic about the approval due to the significant progress the government has made in securing the approval.

Speaking to Eurobondholders at an Investors Presentation Forum by the Republic of Ghana, the finance minister used the opportunity to call on all external creditors to support the country’s agenda in securing the IMF deal.

“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,” he noted.

Ken Ofori-Atta further added that “we understand this is a challenging time for all of you to commit and offer a financial support to all of you. But please be assured we are fully committed with you and your advisors to ensure an equitable solution.”

He admitted that access to the international capital market is key to the agenda of the government to restore macroeconomic stability maintaining that government is committed to fair debt treatment with its commercial creditors.

“Government intends to deepen the relationship with its external creditors. We reaffirm our commitment to work with our private and commercial creditors in all of our engagements,” he added

Mr Ofori-Atta and the Governor of the Bank of Ghana, Dr. Ernest Addison, are leading a high-level Ghana delegation to the World Bank and IMF Spring Meetings, ongoing in Washington D.C.

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