$3bn deal: IMF says it is counting on bilateral creditors reaching agreement on Ghana’s debt relief soon

The Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, has extended her congratulations to Ghana for the recent staff-level agreement reached on the Fund-supported program’s first review. This commendation came following a meeting between Georgieva and Ghanaian officials during the ongoing IMF-World Bank meetings.

In her tweet, Kristalina Georgieva expressed the IMF’s expectation that bilateral creditors would soon reach an agreement on Ghana’s debt relief. This progress is crucial to advancing the review of the Fund-supported program.

The Finance Minister of Ghana, Ken Ofori-Atta, also expressed his gratitude to the IMF for its support in revitalizing Ghana’s economy. During the same meeting, the Ghanaian officials discussed recent achievements related to the staff-level agreement for the first review and called on bilateral creditors to expedite the agreement on debt relief terms.

Ghana’s Finance Minister has been optimistic about securing the $600 million second tranche of the $3 billion bailout from the IMF. The completion of the first review paves the way for the disbursement of the second tranche.

The Chief of Mission of the Fund, Stéphane Roudet, recently confirmed that Ghana’s economic recovery is surpassing expectations. He noted that various indicators, such as inflation reduction and increasing international reserves, are pointing toward macroeconomic stability and economic improvement in the country.

This positive development is seen as an encouraging sign of the nation’s economic recovery. However, it was stressed that continued efforts to improve the situation are necessary to maintain these positive trends.

Overall, the collaboration between Ghana and the IMF has been fruitful, leading to significant progress in the country’s economic recovery efforts. The government of Ghana remains committed to achieving stability and sustainable growth.