Government expect an IMF board approval in May 2023 – Finance Minister claims

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By the end of May 2023, Ghana should anticipate receiving IMF Board approval for a program, according to Finance Minister Ken Ofori-Atta.

He claims that Ghana has advanced significantly, which is why it needs to be approved as quickly as feasible.

Mr. Ofori-Atta addressed the Eurobondholders at an Investors Presentation Forum hosted by the Republic of Ghana and urged the international creditors to assist Ghana in securing the program.

“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 a financial support to all of you. But please be assured we are fully committed with you and your advisors to ensure an equitable solution,” he said.

According to Mr. Ofori-Atta, government policy aimed at restoring macroeconomic stability must prioritize government access to the global capital market.

He insisted that the government is dedicated to treating its commercial creditors fairly when it comes to debt.

“The government wants to strengthen its relationship with its outside creditors. In all of our activities, we reiterate our dedication to working with our private and business debtors.

A high-level Ghanaian delegation is being led by Mr. Ofori-Atta and Dr. Ernest Addison to the World Bank and IMF Spring Meetings, which are taking place in Washington, D.C.


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