IMF staff on course to present Ghana programme to Board – Akufo-Addo

The International Monetary Fund (IMF) announced December 12, 2022 the staff level agreement it reached with Ghana for a $3 billion extended credit facility for the country. But a Board agreement is yet to be announced nearly three months after the staff level agreement.

The President, Nana Akufo-Addo has said today that the staff is on course to present the Ghana programme to the Board by the end of March.

“We are on course for the IMF Staff to present to the IMF executive Board Ghana’s programme request for a $3 billion extended credit facility by the end of the month,” the President said in his annual State of the Nation Address.

Ghana has defaulted on its debts. With the economy deteriorating, the government ran to the IMF for help, and as part of the conditionalities, the government had to restructure its debt – totalling GH¢575.7 billion, equivalent of $47.6 billion. The tortuous debt restructuring was concluded a few weeks ago.

However, the last time Ghana obtained an IMF facility in 2015, Board approval was received in a month after staff level agreement was reached. Staff level agreement was reached on February 26, 2015 and Board approval was given on April 3, 2015. The country received a $918 million extended credit facility.

However, the current negotiation has dragged on. Today March 8, is 86 days since the staff level agreement was reached; that’s about three months, but Board approval is yet to be received.

By Emmanuel K Dogbevi
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