Ghana’s economic support programme will hinge on a reform plan – IMF Africa Director

The International Monetary Fund has disclosed that the Government of Ghana has submitted a reform plan which will hinge on the country’s possible economic support programme. According to the Fund’s Africa Department Director, Abebe Aemro Selassie, the plan is now being assessed along with further engagements with Ghanaian authorities. Speaking at a press briefing at the just-ended IMF/World Bank Spring Meetings in USA, the IMF Africa Director said it is optimistic that an agreement can be reached in due course in order to fast track the financial bailout. He however said the pace of negotiations will depend on how the Ghanaian and IMF authorities will assess and approve the reform plan submitted. “Indeed, we try to be extremely responsive. I think within less than a week, for sure, with the government asking for, to engage in programme discussions we had. We fielded a mission back in July [2022] I think it was, and we agreed on a road map, in which things could move, the first step of which was the government wanting to share with us its economic reform plan." "...So we just had a mission to discuss the key elements of the reform plan which the government has just shared with us, and we are now assessing that and having further discussion on the plan,” he is quoted by Joy Business. He continued, “So, we’re at the stage where, discussions are, proceeding well, I would say, and much will depend on how quickly this reform plan can be fleshed out and, start implementing for us to move forward with a programme, so that’s what we’re waiting for.” Touching on Ghana’s debt sustainability analysis, the IMF Africa Director said the Fund and government are still waiting on the assessment to be completed. “So, we are waiting for that assessment and I can tell you that we are doing our utmost, and we will do our utmost to make sure that we can provide support to Ghana as speedily as possible. So, that’s why, as I noted earlier, within a few days of the government requesting support, we fielded a mission, and we will do our utmost to avoid any kind of delay in terms of how we can support’, he added. Meanwhile, Ghana is targeting $3 billion from the IMF once an agreement can be reached. The support is expected to address the country’s macro-economic stability and among others. MA/FNOQ Watch the latest episode of BizTech below: