The International Monetary Fund (IMF), which can aid Ghana and its inhabitants with their economic woes, has received support from influential decision-makers in the global economy.
The IMF, the World Bank Group, and the US Treasury Department are a few of the major players behind the urgent appeal that all obstacles that are preventing the IMF from finally approving Ghana's request for a bailout be removed so that the fund can sanction the actual implementation of the program, at the very least by the second quarter of the year.
This was revealed during the recently concluded IMF/World Bank Spring Meetings in Washington, DC, where Ghana also attracted the backing of important development partners and investors from the private sector for an economic recovery to be completed more quickly.
The IMF Executive Board is now awaiting financial assurance from the country's creditors before it can sign off on the deal. Ghana first approached the IMF in July of last year seeking assistance to stabilize the economy. Since then, the country has completed all prerequisite steps for final approval.
Kristalina Georgieva, the IMF's managing director, and Abebe Aemro Selassie, the director of the IMF's African Department, told Ghanaians during the meetings that measure to expedite the process were already underway but needed to be accelerated.
The government's expectation that the nation may soon get the crucial financial assurances, a combination of debt cancellation, restructuring, and commitment of additional strategic loans, has increased thanks to the leaders' impetus for an agreement, at the latest by the second quarter of the year, by preparing the way.
At the Spring Meetings, a source from the Ministry of Finance stated, "We hope that this (financial assurance) will happen shortly, as the Paris Club meets again this week on Ghana."
Ghana's attendance at the meetings, according to Finance Minister Ken Ofori-Atta, was very fruitful.
IMF MD
The IMF MD spoke at the meetings and expressed her support for a speedier settlement for Ghana, noting that the nation had done well to complete all preceding activities and that its creditors must now support the momentum to assist obtain an early deal.
Now, Ms. Georgieva promised, she would seize every chance to implore the creditors "to move promptly."
When asked about the timing of a contract, she responded, "We have worked very hard and very quickly to put the scheme for Ghana — a $3 billion assistance — in place.
"We have urged Ghana's creditors to take quick action. I appreciate how the Ghanaian Minister of Finance has been proactive in getting in touch with creditors. I can tell."
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