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Ghana’s negotiations with IMF nearing completion– Akufo-Addo

Source The Ghana Report

President Nana Addo Dankwa Akufo-Addo has revealed that Ghana’s negotiation with the International Monetary Fund (IMF) for economic support is almost concluded.

According to him, this will majorly impact the Ghanaian economy.

Speaking at a stakeholder engagement on moves to revive the economy, President Akufo-Addo called for the support of all.

“We are talking and, hopefully, concluding soon. These important negotiations that we are going to have will have a positive impact on the Ghanaian economy in the months immediately ahead,” he said.

Ghana is seeking a US$ 3 billion bailout from the IMF after months of struggle with the economy and a cost of living crisis.

Before the president’s comments, the finance minister had also indicated that the government and the IMF had reached a clear path towards the final details of a programme to reach a Staff-Level Agreement by the end of 2022.

He made this known after meetings between the government and the IMF, advancing negotiations towards a Fund-supported Programme in Washington (D.C) on the sidelines of the annual meetings of the World Bank and the International Monetary Fund.

In an update to citizens, the Ministry stated that “a pathway towards fiscal sustainability has also been extensively discussed, and the Government of Ghana and the IMF remain fully committed to the goal of reaching a Staff-Level Agreement on a Programme within the shortest possible time.”

The Ministry indicated in pursuance of the Staff-Level Agreement, negotiations with the IMF will continue in Accra, as the IMF team is expected within the next few weeks.

Meanwhile, the government has expressed gratitude to the IMF, the World Bank, bilateral partners and external investors for their continuous support even as the country goes through a tough time.

” The Ministry of Finance and the Bank of Ghana thank the people of Ghana for their forbearance in what is undoubtedly a troubling and challenging time for our economy and economies globally. The government will continue to work with a fierce sense of urgency to stabilize the economy and place it back on a firm trajectory of growth.”

The Ministry said it would” continue to provide regular updates and further details of our economic Programme to the public immediately they become available. These updates will be posted on the Ministry’s website, under a section titled IMF Programme Updates.”

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