June 14, 2024
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We’ve broken all records regarding IMF requirements for bailout ~ Ofori-Atta

The Minister of Finance, Ken Ofori-Atta has expressed optimism about the country’s progress in the pursuit of an International Monetary Fund (IMF) programme.

According to the Minister, although Ghana initiated the process later compared to other countries like Chad, Zambia and Ethiopia who have been pursuing the deal for at least two years, Ghana has made significant progress.

He said the country has met every requirement regarding the programme, adding that such a feat should be acknowledged by Ghanaians.

“We have literally broken all records with regard to this restructuring. I think we need to recognise and acknowledge that. We started on July 1 and we’re able to gain record time and get our SLA concluded, the domestic debt restructuring and Paris Club have already met twice, and we expect them to within the next few weeks to deliver their assurances.

“I think really we should be excited about how fast government has worked,” he said on Joy FM’s Midday.

Speaking on whether the government is capable of meeting the deadline for securing the IMF deal, Mr Ofori-Atta said one cannot be too presumptuous about that.

Meanwhile, in the wake of the government’s calls for external debt cancellation, the Governor of the Bank of Ghana, Dr Ernest Addison, has urged the International Monetary Fund to consider increasing concessional financing to the continent by modifying the access thresholds, including expanding access limits and relaxing eligibility criteria for PRGT (Poverty Reduction and Growth Trust) resources.

This, he believes, will ensure timely financing assistance to the most vulnerable members.

“It is in this context we welcome the Fund’s decision to temporarily raise the annual and cumulative limits in the General Resources Account (GRA) to 200% and 600% of quota respectively for a period of 12 months.

“Nevertheless, we underscore the importance of aligning PRGT access limits with those of the GRA to enhance Fund support to PRGT-eligible members facing acute debt challenges, while strengthening the fundraising efforts to bolster the PRGT resource envelope”, the Governor disclosed this at the 2023 Africa Consultative Group Meeting with the Managing Director of the IMF, Kristalina Georgieva.

The Governor has also urged the Fund to continue close engagements with other international financial institutions and creditors to strengthen the multilateral framework for dealing with Africa’s debt distress in a timely manner.

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