Help Us Secure $3bn IMF deal - Akufo-Addo To Japan's PM

President Nana Addo Dankwa Akufo-Addo is courting the support of Japan to help Ghana reach an agreement with the International Monetary Fund (IMF) Board for the 3 billion dollar balance of payment support.

An arrangement was agreed with the IMF in December 2022, with the aim of restoring credibility among investors, building reserve buffers and improving fiscal and debt sustainability.

However, debt restructuring needs to be agreed upon with Ghana’s external creditors before the IMF’s Executive Board can sign off on the ECF.

The EIU in its 2023 Country Report on Ghana, stated that it anticipates Ghana to secure restructuring agreements on its public external debt during 2023-24, involving official and private creditors alike.

It however, notes that, given the country’s pressing macroeconomic crisis, “the conclusion of a domestic debt-swap operation in February and increasing international attention on speeding up external debt restructurings, our core forecast remains that the IMF programme will be approved by mid-2023.”

“We expect Ghana to secure restructuring agreements on its public external debt during 2023-24, involving official and private creditors alike

We expect official creditors to agree to a deal in 2023, and this, combined with the domestic debt restructuring that has already been secured, should provide enough reassurance to reduce Ghana’s risk of debt distress and allow the IMF to approve the agreed programme