'Thanks for your forbearance in undoubtedly troubling, challenging economic time' – MoF to Ghanaians

The ministry of finance has said the government of Ghana and the International Monetary Fund (IMF) have agreed on “a clear path toward the final details of a programme” with the goal of “reaching a staff-level agreement by the end of the year”. This followed the government delegation’s “successfully” conclusion of a trip to Washington D.C., to attend the Annual Meetings of the World Bank and International Monetary Fund (IMF or the Fund) where they continued negotiations for an IMF support for Ghana’s Post-Covid Programme for Economic Growth. The ministry of finance and the Bank of Ghana, at the end of the trip, reported as follows: The Annual Meetings concluded successfully with a renewed sense of urgency for countries to rally together to bolster the global economy, in light of the dim outlook for advanced and frontier markets alike. The delegation also had several positive and encouraging engagements with the World Bank, bilateral partners, US state officials, and external investors. Several meetings were held between the government of Ghana and the IMF, advancing negotiations toward a Fund-supported Programme. A clear path toward the final details of a programme has been agreed upon by both parties, with the goal of reaching a staff-level agreement by the end of the year. A pathway toward fiscal sustainability has also been extensively discussed, and the government of Ghana and the IMF remain fully committed to the goal of reaching a staff-level agreement on a programme, within the shortest possible time. With this objective in mind, negotiations will continue, with the IMF Mission Team expected in Accra in the next few weeks. The government of Ghana said it wishes to thank the IMF, the World Bank, our bilateral partners, and external investors, for their continued support. “Furthermore, the ministry of finance and the Bank of Ghana thank the people of Ghana for their forbearance in what is undoubtedly a troubling and challenging time for our economy, and economies globally”, the statement said. It noted: “The government will continue to work with a fierce sense of urgency, to stabilise the economy and place it back on a firm trajectory of growth”. The ministry has also undertaken to continue to provide regular updates and further details of our economic programme to the public, immediately they become available. These updates will be posted on the ministry’s website, under a section titled IMF Programme Updates.