As Ghana seeks to secure an IMF deal to the support the economy, President Akufo-Addo has appealed to the Prime Minister of Japan, Fumio Kishida to support the country’s bid.
The deal when approved will enable the country secure $3 billion to support the fiscal operations of government.
President Akufo-Addo made this appeal at a meeting with the Japanese Prime Minister at the Jubilee House today, Tuesday, May 2, 2023.
According to Akufo-Addo, Japan which is a member of the Paris Club has a major role to play in Ghana securing the IMF deal.
“Ghana is also counting on the support of Japan in reaching a favourable agreement with the International Monetary Fund which will pave the way for the robust recovery of Ghana’s economy,” President Akufo-Addo said.
In July 2022, Ghana requested for a three-year, US$3bn extended credit facility (ECF) from the IMF. An arrangement was agreed with the IMF in December 2022, with the aim of restoring credibility among investors, building reserve buffers and improving fiscal and debt sustainability.
However, debt restructuring needs to be agreed upon with Ghana’s external creditors before the IMF’s Executive Board can sign off on the ECF.