Ghanatodayonline.com News, Politics, Health, Education & More
Ghana has received a warning from the International Monetary Fund (IMF) not to give in to pressure from holders of Eurobonds during the restructuring negotiations pertaining to around $13 billion.
During her official visit to Ghana, IMF Managing Director Kristalina Georgieva met with President Akufo-Addo and issued a warning that Ghana would face serious challenges like to Zambia, which is facing challenges in accessing the whole bailout fund.
“The sooner we do a great deal, the better for the country,” she said.
She cautioned: “To do a deal that may actually reverse progress is not going to be good for the country.”
“You cannot allow the Eurobond creditors to twist your arm,” she emphasised.
“Because you have done a very painful domestic debt restructuring. You have agreed, in principle, on debt restructuring with the official creditors of Ghana under certain conditions”. “The deal with the Eurobond has to be a fair deal vis-a-visa what was already done. Otherwise, we risk seeing what happened in Zambia,” she explained.
“Because we are climbing a mountain, and we are doing quite well. We are not yet at the top. We need to keep climbing, so there’s radiation of responsibility we need to complete with private creditors but complete defending the interest of the country,” she urged President Akufo-Addo to keep up the fight for his nation’s interests.
Source: Ghanatodayonline.com
