IMF boss, Kristalina Georgieva with President Akufo-Addo
The International Monetary Fund has said Ghana must show proof that its debt levels are sustainable before it can approve an economic support programme for the country.
According to Director of the IMF Africa Department, Abebe Aemro Selassie, Ghana needs to also present an economic reform plan before an agreement can be reached.
He added that the plan,
Read full articlewhich has been submitted, is being assessed along with further engagements with Ghanaian authorities.
Speaking with journalists during a press briefing at the just-ended IMF/World Bank Spring meetings in the USA, the IMF Africa boss said, “so much will depend on how quickly this reform plan can be fleshed out for implementation.”
“There are also important initiatives that have to be taken in terms of how the programme will be financed so that we can move forward,”
He made this known while responding to a question on when the country could expect a fund-assisted programme to restore macro-economic stability and regain market and investor confidence.
Touching on Ghana’s debt sustainability analysis, the IMF Africa Director said the Fund and government are still waiting on the assessment to be completed.
“So, we are waiting for that assessment and I can tell you that we are doing our utmost, and we will do our utmost to make sure that we can provide support to Ghana as speedily as possible. So, that’s why, as I noted earlier, within a few days of the government requesting support, we fielded a mission, and we will do our utmost to avoid any kind of delay in terms of how we can support," he added.
Ghana is targeting $3 billion from the IMF once an agreement can be reached. The support is expected to address the country’s macro-economic stability and among others.
IMF boss, Kristalina Georgieva with President Akufo-Addo
