Ghana is likely to secure an economic programme from the International Monetary Fund latest December 2022 according to the Business Analyst.
Business Analyst understands that an approval will be given for the programme to take off when an IMF team which is expected by the end of this month finishes its assessment of the economy, and further analysis done on the state of the economy.
The team is expected to spend a maximum of about two weeks and then proceed to Washington, DC in the USA where a thorough evaluation will be concluded on the Ghanaian economy.
Some of the assessment will include a debt restructuring programme. This is because Ghana’s debt has reached unsustainable levels.
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The IMF at a recent press conference described its mission to Ghana as a constructive one.
Speaking at the conference, Director of Communications at the IMF, Gerry Rice, said “we had an IMF staff team in Accra in July [2022] to begin initial discussions with the Ghanaian authorities. And we characterized that mission as constructive, kick started the process, and laid the groundwork for engagement, which now continues”.
“Our Mission Chief for the IMF also recently visited Accra, again, to meet with key counterparts. And we’re hopeful for another visit in the coming weeks, I don’t have a date for you, but in the coming weeks”, he added.
On whether the economic challenges in Ghana was due to external factors particularly Russian/Ukraine war and Covid-19 pandemic, Mr. Rice affirmed his Managing Director, Kristalina Georgieva that Ghana’s economic problems is due to shocks from Covid-19 and the Russian/Ukraine war.
“I would say, as just to repeat, the war in Ukraine has triggered a global economic shock that’s hitting Ghana and, as I said, many other countries, and all at a time when, for many of these countries, their room for fiscal maneuver, if I could put it that way, is already extremely limited because they’ve used a lot of fiscal power already, firepower already in the pandemic.”
“So, the shock coming from the war in Ukraine compounds other pressing policy challenges. And we’re very cognizant of that. And that’s why we are, as I described at the beginning, stepping up to help countries where we can, and that includes Ghana”.
Credit: Business Analyst