Ken Ofori Atta, Ghana's Minister of Finance, is confident that the government will be able to win a Staff-Level Agreement with the International Monetary Fund (IMF) for the distribution of the second tranche of the $600 million when the IMF Staff visits Ghana in September 2023.
Following an evaluation by the Visiting Staff of the Fund, the government will be required to fulfil certain conditions in order to qualify for the second tranche of funding.
Mr. Ofori-Atta, while speaking to journalists at the Ghana Trade Fair Redevelopment Project Investor Conference in Accra, hinted that the nation is getting back some confidence in the economy after making many attempts to meet the IMF's conditionalities. The conference was held to discuss the redevelopment of the Ghana Trade Fair.
According to him, this will clear the path for the subsequent transfer of $600 million.
"About three weeks ago, we had a staff visit from the IMF, which went quite well, and we are anticipating that review in September [2023].
"Up to this point, we've covered the qualitative performance requirements in both cabinet and parliament. As a result, we have a high level of confidence that the review will be successful in September [2023] in order to obtain a Staff-Level Agreement. He elaborated, "We'll go to the Board in November [2023], and we're sure that we can get it."
He expressed confidence that the nation will bounce back quickly and went on to say that "God always puts the country through and with the help of all, speaking the same language, and managing our investors and bondholders well, we will get there."
Getting individual bondholders to call off their planned picketing of the Finance Ministry has been described as a difficult period by the Minister of Finance, who says it has been a challenging moment.
I'm confident Ghana will secure 2nd tranche of $600m from IMF - Ofori-Atta
As a result, he pleaded with those in the private sector to make some sacrifices during this time, seeing as how the nation is making progress towards overcoming its problems.
"I believe that the people responsible for the technical aspects are meeting, and the Lord has been faithful thus far." However, I also believe that as Ghanaians, we have a responsibility to recognise that the current era is not typical, and given where we were a year ago and where we are today, it should be obvious that we have reason to be excited about the future.
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