We are on course for US$3 billion IMF bailout by end of March - Akufo-Addo

The President of Ghana, Nana Addo Dankwa Akufo Addo has stated that the Government is on course for the IMF Staff to present to the IMF Executive Board Ghana’s Programme request for a three billion dollar (US$3 billion) Extended Credit Facility by the end of the month.

He said this while delivering the State of the Nation’s Address in Parliament on Wednesday, March 8, 2023.

“I would like, at this stage, to brief the House on how the talks with the International Monetary Fund have been going since the announcement on 1st July 2022 of our intention to engage the IMF for a funded Programme.

"Having reached the Staff Level Agreement on 12th December, 2022, after five (5) months of intense negotiations, and completion of most of the prior actions required under the Agreement, we are on course for the IMF Staff to present to the IMF Executive Board Ghana’s Programme request for a three billion dollar (US$3 billion) Extended Credit Facility by the end of the month.”

He continued ,”The 3-year IMF Programme, anchored on Government’s Post COVID-19 Programme for Economic Growth (PC-PEG), aims at restoring macroeconomic stability and debt sustainability, whilst protecting the vulnerable.

"It is a strong reform programme, which relies on frontloaded fiscal measures to increase domestic resource mobilisation and streamline public expenditures to support inclusive growth and enhance social protection.”