Finance Minister says IMF bailout to be ready by May

Ofori Attah
Ofori Attah

The Minister for Finance, Ken Ofori-Atta, said Ghana is likely to receive the International Monetary Fund’s (IMF) Board approval for a $3 billion bailout by the close of May 2023.

He speaking to Eurobond holders at an Investors Presentation Forum said Ghana has made significant progress in terms of restructuring its debt and called on external creditors to support the country’s application for an IMF programme.

“We do at this time expect an IMF board approval in May [2023] and contemplate a rapid negotiation of a Memorandum of Understanding (MoU) with our creditors. We have made significant efforts on all fronts. We hope we could reach an agreement in principle with you our Eurobond holders quickly. We understand this is a challenging time for all of you to commit and offer financial support to all of you. But please be assured we are fully committed to you and your advisors to ensure an equitable solution,” he said.

His comments come after the Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva said she is optimistic that the fund’s Executive Board would grant final approval to Ghana’s bailout request soon.

Ms Georgieva said at the ongoing World Bank/IMF Spring Meetings in Washington D.C. that her optimism stemmed from the swelling goodwill that the country was getting from the international community, including its creditors.

Ghana secured a staff-level agreement (SLA) for the $3 billion request in December 2022 but efforts to move to the final lap have dragged as bilateral creditors haggle over the terms of the debt restructuring exercise.

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