Finance Minister Ken Ofori-Atta has assured foreign investors that the government has taken a number of steps to ensure that the challenges with the nation’s finances are tackled.
He told the investors on the sidelines of the ongoing IMF/World Bank Spring Meetings in Washington, D.C. USA that the country is undergoing debt restructuring as part of efforts to secure a deal with the International Monetary Fund (IMF).
He said “Ghana has done a number of things, first of all with regards to the Paris Club, we did travel to China, we sort support from India and the Saudis and really maintained open relations with the Club.
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“We did get to the Club to let them know that we were worried about the track record of the common framework, we have had a good relationship, we really commend the Paris Club for the sense of urgency that they have and we are confident that they will be able to bring the assurances to the Bank in the coming week.”
Earlier, the Ministry of Finance said that Mr Ofori-Atta had very productive meetings so far at the #SpringMeeting2023 with the IMF, International Finance Corporation (IFC) and Japan International Cooperation Agency (JICA), among others.
“Grateful for the strong cooperation from our bilateral and multilateral partners!<” the Office of the Finance Minister tweeted on Wednesday, April 12.
Very productive meetings so far at the #SpringMeeting2023 with the IMF, IFC & JICA, among others. Grateful for the strong cooperation from our bilateral and multilateral partners! #resolvingtogether #ReshapingDevelopment @IMFNews @IFC_org @WorldBank @jica_direct_en pic.twitter.com/wrp8l87Dj7
— Office of the Finance Minister-Ghana (@oofmghana) April 12, 2023
The Managing Director of the IMF Kristalina Georgieva repeated her comment that Ghana’s economy had been negatively affected by the Russia-Ukraine war.
She described Ghana as an innocent bystander that has been hit by the Cobid pandemic and the war.
She said “we have been in constant contact with authorities in Ghana, we have worked very hard and very swiftly to have the programme, $3bn support programme, for Ghana in place.
“We have been urging Ghana’s creditors to act swiftly. My appreciation also for the proactive role of the Minister of Finance of Ghana in reaching out to the creditors. We are expecting that next week there will be discussions among creditors.”
She further indicated that the Fund asked Ghana’s creditors to act swiftly to ensure that the deal that the country is seeking with the Fund is approved.
“I can tell you that I use every opportunity myself to urge them to act swiftly. Let us remember that Ghana for a long time has done really well to tap markets to finance its growth paths.
“It has been like all innocent bystanders hit by Covid, hit by the war in Ukraine. it caused complicated domestically, the ability to Finance the budget. So a country that has a long track record of sound macroeconomic management.”
By Laud Nartey|3news.com|Ghana