It is terrible - Lord Mensah on deadlines for IMF bailout

An economist, Prof. Lord Mensah, has noted intimated that it does not give the right signals to the investor community.

Ghana has had to shift the timelines for securing an IMF deal this year.

The economist noted that it was “a terrible one” since the market relies on information but when the information becomes uncertain, this may not be good for the economy.

Lord Mensah also noted that Ghana’s debt situation is a complex one that needs to be dealt with delicately.

“Zambia is an African country. Zambia was in debt restructuring limbo for over two and half years before they even switched to default,” he was quoted by myjoyonline.com.

The Finance minister and President Akufo-Addo noted their optimism that the country would be able to secure an IMF deal by the end of the first quarter of 2023.

“We are currently working to go to the IMF board in March 2023 and possibly secure the Board’s approval for Ghana’s Programme”, Ofori-Atta said earlier.

The Finance Minister, Ken Ofori-Atta, the Governor of the Bank of Ghana, Dr. Ernest Addison, and other members of the economic management team are currently in Washington DC to deliberate on Ghana’s pending request at the International Monetary Fund.

The meeting is a crucial one that is to determine Ghana’s next step with the Fund.

Ghana is currently seeking a $3 billion financial bailout from the International Monetary Fund to help the country solve its balance of payment issues and also the current economic crisis.

The team is attending the IMF/ World Bank Spring Meetings as an all-important opportunity for Ghana to make its case to secure a deal for the country.

In addition to meetings with the IMF and World Bank management, the Ghanaian delegation is also expected to hold talks with commercial, bilateral, and multilateral creditors at the IMF/World Bank Spring Meetings.

The IMF has hinted that Ghana may secure a deal by May 2023.

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