IMF trusts in my leadership to secure $3bn deal – Finance Minister

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Minister for Finance, Ken Ofori-Atta, has said Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, trusts in his leadership and ability to secure the much-needed $3bn BoP support programme for Ghana.

According to the country’s Finance Chief, this is evidenced in the pronouncements of the IMF boss and her commitments to ensuring that Ghana eventually gets the deal.

“Pronouncements by the IMF Chief shows her trust in the leadership of the Finance Ministry and she is not afraid to make them on the global stage.

“She is also very committed to helping Ghana secure the deal from the IMF,” said Mr Ofori-Atta during his Censure Hearing on Friday, November 18, 2022.

Since turning to the IMF for a programme in July this year, Managing Director of the IMF, Kristalina Georgieva, has expressed her commitments to helping Ghana secure the much-needed $3bn Balance of Payment (BoP) programme to help restore macroeconomic stability and investor confidence in the Ghanaian economy.

Ms Georgieva has stated that a deal between Ghana and the IMF should be reached and finalized before the end of the year – 2022 – although this is unlikely to happen given the delay in the conclusion of negotiations between Ghana and the IMF.

In a close door meeting with President Akufo-Addo, on Monday, September 5, 2022, on the sidelines of the Africa Adaptation Summit, in Rotterdam, Netherlands, the IMF boss told President Akufo-Addo “we understand the urgency, and we will move as quickly as possible.”

Describing Ghana as a “superb country”, she reiterated the determination of the Fund to work with Government and the Ministry of Finance, and ensure that an agreement is in place before the end of the year.

Kristalina Georgieva has emphasized that Ghana’s current economic challenges are not locally generated but from external shocks.

According to her, contrary to the narrative from some opposition elements that Ghana is in these challenges because of bad policies of the Akufo-Addo administration, the IMF boss stated that the factors are exogenous.

“We have started very constructive discussions already and to the people of Ghana, like everybody on this planet, you have been hurt by exogenous shocks” she said.

She mentioned the extraneous factors which have contributed to Ghana’s economic woes, leading to the West African country seeking a programme from the IMF.

“First the pandemic, then Russia’s war in Ukraine. We need to realize that it is not because of bad policies in the country but because of this combination of shocks, and, therefore, we have to support Ghana”, she said.

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