The Finance Ministry has indicated that Ghana is now ready to go to the Board of the International Monetary Fund for approval of a programme.
This follows the extension of Financing Assurance to Ghana Creditor Committee under the G20 Common Framework.
The creditor committee emphasized that the Ghanaian government should request from all private creditors and other official bilateral creditors debt relief that is at least as generous as what the creditor committee is currently considering, as mandated by the comparability of treatment principle.
The Finance Ministry announced in a tweet that the Paris Club has established the OCC, which is co-chaired by China and France. With the granting of financial assurances, Ghana is now prepared to go before the IMF Board. The ministry expressed its gratitude to all its bilateral partners for aiding them in achieving this significant goal.
Earlier, the International Monetary Fund (IMF) said it was optimistic Ghana’s external creditors, particularly the Paris Club will soon reach an agreement with the country on restructuring the country’s external debt.
Responding to a question at a Press Conference, Julie Kozack, Director of Communications at the IMF said “Financing assurances from official bi-lateral creditors are necessary for presenting the programme to the Executive Board”.
“We have seen strong progress toward creditors delivering on these financing assurances, and we’re hopeful that they can be delivered very rapidly”, she added.
On December 12, 2022, the IMF reached a Staff Level Agreement with Ghana for a three-year program ECF for about $3 billion.
Ghana recently completed a Domestic Debt Exchange Program that included the participation of major stakeholders like the Ghana Bankers Association, the Ghana Insurers Association, and the Chamber of Corporate Trustees.
The International Monetary Fund (IMF) has launched a loan programme to help developing countries address the economic and social fallout of the Covid-19 pandemic. This initiative is part of a wider initiative to support countries that are struggling with the effects of the virus. It highlights the importance of international organisations in aiding nations during difficult times, as well as the necessity of global cooperation to tackle the economic and social impacts of the pandemic.