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Ghana’s IMF Deal: Cautious Optimism for June Closing

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The International Monetary Fund (IMF) is expected to reach a deal with Ghana by June this year, according to Professor Peter Quartey, the Director of the Institute of Statistical, Social and Economic Research (ISSER) at the University of Ghana. However, Ghana’s external creditors, particularly China, have a significant role to play in determining whether the country will secure the deal or not.

The Finance Minister Ken Ofori-Atta had initially predicted that Ghana would reach an agreement with the Fund by the end of May. But the Minority Leader, Dr Cassiel Ato Forson, has since expressed his doubts, saying the earliest Ghana could close the deal would be in July or August.

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Ghana has been struggling to get an IMF program, and the government has taken several steps to ensure that the challenges with the country’s finances are tackled. These include debt restructuring, which is part of the efforts to secure a deal with the IMF.

For the most part, the Paris Club has been supportive, but Ghana also sought assistance from India and Saudi Arabia. The government is committed to working with its external creditors to deepen their relationship.

In conclusion, there is cautious optimism that Ghana will close the deal with the IMF by June, but this is subject to the willingness of external creditors to support the country’s efforts to restructure its debt. It is important that the Finance Minister is truthful to the people of Ghana about the timeline for securing the deal, and it is hoped that the government will take all necessary steps to ensure that the country’s finances are put in order.

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