Officials of the International Monetary Fund (IMF) have wrapped up the second visit to Ghana following the conclusion of discussions on Fund support to the country.
The team says it returns to Washington, D.C. to “advance its technical work”.
Led by its Mission Chief for Ghana, Stéphane Roudet, the team arrived in Accra on September 26, 2022 and met with H.E. President Akufo Addo, H.E. Vice President Bawumia, Finance Minister Ofori-Atta, and Bank of Ghana Governor Addison, and their teams.
It also had discussions with Parliament’s Finance Committee, as well as representatives from various government agencies, the Trades Union Congress, the private sector, civil society organizations, and development partners.
Talks centered on economic growth and possible financial support for Ghana post-covid.
“We had constructive discussions on policies aimed at restoring macroeconomic stability and laying the foundation for stronger and more inclusive growth. Key areas of focus included ensuring public finance sustainability while protecting the vulnerable, bolstering the credibility of monetary and exchange rate policies to reduce inflation and rebuild external buffers, preserving financial sector stability, and steps to encourage private investment and growth, including by improving governance, transparency, and public sector efficiency’, the IMF said a release on October 7, 2022.
The technical work it mentioned includes making further progress on assessing Ghana’s debt sustainability.
“The discussions with the authorities will also continue in the weeks ahead, including during the upcoming Annual Meetings that will be convened at IMF headquarters”, the statement further added.
Ghana returned to the IMF for support after months of struggle with the economy and a cost of living crisis.
Talks have begun on a comprehensive debt sustainability analysis with the IMF for a US$3 billion support programme.
Finance Minister, Ken Ofori-Atta on Wednesday, September 28, 2022, said government will fast-track negotiations with the International Monetary Fund (IMF) to ensure key aspects of the programme are reflected in the 2023 budget statement.
Meanwhile, some economists have cast doubt on the possibility of concluding the IMF deal before the year ends.