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We’re hopeful of an IMF Board approval by March 2023 – Finance Minister

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The Finance Minister, Ken Ofori-Atta has indicated that government is hoping to secure an International Monetary Fund (IMF) Board approval by March 2023.

 “We are currently working to go to the IMF board in March 2023 and possibly secure the Board’s approval for Ghana’s Programme”, he disclosed on PM Express, Business Edition with host, George Wiafe.

He added that government is also hoping to reach a deal with the Paris Club (International Creditors) on the country’s debt re-profiling.

Ghana targets first quarter of 2023

There are concerns that the country may struggle to secure an IMF Board approval, before the end of the first quarter of 2023.

This is due to challenges facing the current negotiations with the Individual Bondholders, banks and insurance companies in reaching an agreement with government

In addition, the IMF Staff is undertaking detailed assessment of Ghana’s report before a report will be submitted to IMF Board for approval.

Mr. Ofori-Atta is however optimistic government will make up for the time.

The IMF programme 

Some analysts have argued that the current challenges facing the economy could be minimized if Ghana works fast to secure approval with the IMF.

Securing an IMF programme could also trigger financial support from other donors, including the World Bank , European Union and other bi-lateral institutions.

The Governor of the Bank of Ghana, Dr. Ernest Addison at a recent engagement with the Parliament’s Finance Committee stated that Ghana’s International Reserves now stands at 1.5 months of import cover.

This could mean that the economy may struggle to meet its import needs if it is not able to get Balance of Payments support from the IMF by April April 2023. 

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