Richard Ahiagbah, the Director of Communications of the New Patriotic Party (NPP), has urged Ghanaians to rally behind the government’s efforts to revitalize the economy. He emphasized that the government is committed to building back a stronger and better economy.
In response to reports suggesting that the International Monetary Fund (IMF) is likely to approve Ghana’s $3.5 billion bailout on Wednesday, Ahiagbah acknowledged that the conditions leading to the Extended Credit Facility (ECF) application were primarily a result of the COVID-19 pandemic and the war in Ukraine. He contrasted this with the 2015 ECF application, which was largely influenced by internal mismanagement of the economy. Ahiagbah highlighted that Ghana is on a path to recovery and urged support for the NPP’s efforts to deliver for the country.
Meanwhile, Dr. Mohammed Amin Adam Anta, the Minister of State at the Finance Ministry, confirmed that the first tranche of $600 million would be disbursed immediately after the IMF’s approval of Ghana’s ECF request. Subsequent tranches of the same amount will follow, with $360 million disbursed after semi-annual reviews.
The Paris Club, co-chaired by China, recently provided significant support to Ghana, approving its request for debt treatment under the Common Framework for Debt Treatments beyond the Debt Service Suspension Initiative. This positive development was met with joy by President Nana Addo Dankwa Akufo-Addo, who expressed gratitude for the approval of Ghana’s request by the Paris Club.
In a nutshell, the NPP calls for support from Ghanaians as the government strives to rebuild and strengthen the economy. The anticipated IMF approval and the endorsement from the Paris Club signify positive steps towards addressing Ghana’s urgent financing needs and securing its long-term financial stability.