The ongoing negotiations between Ghana and the International Monetary Fund (IMF) are expected to lead to the country receiving support to fast-track its economic recovery. This was disclosed by Hon Kennedy Osei Nyarko, the Member of Parliament for Akim Swedru in the Eastern Region, who was part of the discussions in Washington DC. The government’s main concerns include concluding talks with the IMF and receiving specific assistance that would aid the country’s economic recovery.
According to Hon Kennedy Osei Nyarko, the IMF acknowledged that both Ghana and Zambia were doing well in their respective economies until the Covid-19 pandemic and Ukraine war. The IMF believes that these two countries are positive examples for developing countries facing economic challenges. The IMF has indicated that it will fast-track the board decision approvals for these two countries as they will use them as case studies for other countries seeking fiscal and debt restructuring support.
Hon Kennedy Osei Nyarko added that the IMF acknowledged that Ghana was doing something right until the two crises affected the country. He also disclosed that there were about 20 other countries that have submitted requests for various fund programs. The issue has become a global crisis, and the IMF is finding it difficult to contain it because of the role of private creditors in the debt restructuring processes.
After months of speculation, Ghana announced on July 1, 2022, that it was going to the IMF to seek support. In December 2022, the government reached a staff-level agreement with the fund as part of the processes leading to a bailout.
The negotiations between Ghana and the IMF are expected to conclude soon, and the government is optimistic about receiving the necessary support to fast-track the country’s economic recovery.