IMF bailout: We pray this will be the last time - Ofori-Atta

The Minister for Finance, Ken Ofori-Atta, has said that he hopes that the 17th bailout agreement Ghana has reached with the International Monetary Fund (IMF) will be the country's last.

Speaking at a press conference in Accra on Tuesday, December 13, 2022, Ofori-Atta said that the deal the government has reached with the IMF is strong enough to help the country attain its goal of building a strong economy.

He added that the strong performance of Ghana's economy during the initial stages of the Nana Addo Dankwa Akufo-Addo government is an indication that the Ghanaian economy can be transformed.

"So, for the 17th time, we pray it will be the last, and that is why the programme is going to be that strong. 

"For me, the experience that we have gone through 2017 leaves me no doubt that we can go over this problem that we have and actually institute a strong and resilient economy that is diversified and export-oriented and that is the goal," he said.

The IMF and the Government of Ghana reached a staff-level agreement on economic policies and reforms to be supported by a new three-year arrangement under the Extended Credit Facility (ECF) of about US$3 billion on December 13, 2022.

A statement released on the Fund's website said the IMF Mission Chief for Ghana, led by Stéphane Roudet, noted that "I am pleased to announce that the IMF team reached staff-level agreement with the Ghanaian authorities on a three-year program supported by an arrangement under the Extended Credit Facility (ECF) in the amount of SDR 2.242 billion, or about US$3 billion."

"The economic program aims to restore macroeconomic stability and debt sustainability while laying the foundation for stronger and more inclusive growth."

The statement also noted that the staff-level agreement is subject to IMF Management and Executive Board approval and receipt of the necessary financing assurances by Ghana's partners and creditors.

Watch Ofori-Atta's remarks below:





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