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The International Monetary Fund (IMF) has promised to expedite procedures with the Ghanaian government in order to support the nation through an economic program.
During the release of the African Economic Outlook Report in Washington, DC, on the eve of the annual IMF/World Bank meetings, the head of the African Department, Abebe Selassie, made this announcement.
Mr. Selassie reaffirmed the IMF's dedication to collaborating with Ghana and noted that the Fund swiftly assembled a mission in response to Ghana's request for assistance.
He stated, "I can tell that we are trying our best and would do all in our power to make sure that we can support Ghana as soon as possible."
When it comes to Ghana's program, "We will try to prevent any delays," he continued.
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Debt problems in Ghana and potential restructuring
According to Mr. Selassie, giving financial assistance to Ghana will play a significant role in the IMF's relationship with that nation.
However, he went on to say that some conditions could force a nation to restructure its debt if it reached unmanageable proportions.
Mr. Selassie provided more information, outlining that evaluating Ghana's debt status using the Debt Sustainability Analysis is a component of the work still being done with Ghana.
He stated that in exchange for the funds, the administration will need to make a number of crucial reforms.
He added, "We would endeavour to avert any delays," with regards to Ghana's program.
We now have a road map on how the important reform initiatives of the Ghanaian government should proceed, he continued.
However, a lot would depend on how the government's economic plan can be developed and used for Ghanaian programs, he added.
Economic schedule and deadlines
Ghana is putting a lot of effort on securing a program with the IMF by November of this year, according to Finance Minister Ken Ofori-Atta, who recently revealed this to Joy Business.
The government wants to start working with the IMF before the November 2022 budget presentation.
According to Mr. Selassie, both parties are moving forward with the Economic Programme for Ghana.
Defaults in Ghana
Concerning debt, he said it is crucial to make it clear that nations with unsupportable levels must get assistance in order to finally serve their citizens.
He added that "a lot will, however, rely on how this government's economic plan can be developed and worked on for Ghana programs."
Schedule and deadlines for the economy
Ghana is working hard to secure a programme with the IMF by November of this year, the Finance Minister, Ken Ofori-Atta recently revealed to Joy Business.
Before the 2023 budget is released in November 2022, the government hopes to begin a program with the IMF.
