The 17th bailout deal Ghana has negotiated with the International Monetary Fund (IMF) may be the last, according to Finance Minister Ken Ofori-Atta.
On Tuesday, December 13, 2022, Ofori-Atta stated at a news conference in Accra that the agreement the government negotiated with the IMF is solid enough to enable the nation in achieving its objective of developing a robust economy.
He continued by saying that Ghana’s economy can be reformed as seen by its good performance in the early years of the Nana Addo Dankwa Akufo-Addo administration.
“So, for the 17th time, we pray it will be the last, and that is why the programme is going to be that strong.
“For me, the experience that we have gone through 2017 leaves me no doubt that we can go over this problem that we have and actually institute a strong and resilient economy that is diversified and export-oriented and that is the goal,” he said.
On December 13, 2022, the IMF and the Government of Ghana agreed a staff-level agreement on economic policies and reforms that will be backed by a new, three-year Extended Credit Facility (ECF) arrangement worth roughly $3 billion.
According to a statement posted on the Fund’s website, Stéphane Roudet, the IMF Mission Chief for Ghana, observed that “I am pleased to announce that the IMF team reached staff-level agreement with the Ghanaian authorities on a three-year program supported by an arrangement under the Extended Credit Facility (ECF) in the amount of SDR 2.242 billion, or about US$3 billion.”
“The economic program aims to restore macroeconomic stability and debt sustainability while laying the foundation for stronger and more inclusive growth.”
The staff-level agreement is subject to IMF Management and Executive Board approval as well as receipt of the required funding assurances from Ghana’s partners and creditors, according to the release.