Full-blown IMF programme will be put in place by middle of this month or February – Akufo-Addo

President Nana Addo Dankwa Akufo-Addo has assured that by the middle of January or February this year, the team handling the International Monetary Fund (IMF) negotiations will conclude a full-blown deal.

Mr Akufo-Addo said this while speaking at a meeting with some African-American students from the Harvard Business School at the Jubilee House, on Thursday January 12.

President Akufo-Addo used the meeting to highlight how Ghana’s economy has suffered in recent times, leading to the decision to head to the Fund for support.

“We’ve had difficulties in the past few years trying to reposition our economy to grow again. Some basic statistics that all of you are familiar with have pushed us back; the energy sector crisis, the global food crisis, and many others and Ghana is yet to escape from all of these crises.

“We are going through the processes with the International Monetary Fund right now and hopefully by the middle of this month or February, a full-blown IMF programme will be put in place which will help us repair our public finances which took a big hit from external forces.”

The IMF earlier confirmed a $3 billion deal with the government of Ghana to span the next three years.

This followed five months of negotiations after the government approached the Fund for an extended credit facility on Friday, July 1st.

The IMF confirmed the agreement in a statement on Tuesday, December 13, 2022.

“I am pleased to announce that the IMF team reached staff-level agreement with the Ghanaian authorities on a three-year program supported by an arrangement under the Extended Credit Facility (ECF) in the amount of SDR 2.242 billion or about US$3 billion,” IMF’s Mission Chief for Ghana Stéphane Roudet stated.

“The economic program aims to restore macroeconomic stability and debt sustainability while laying the foundation for stronger and more inclusive growth.”

He pointed out that the staff-level agreement is subject to IMF Management and Executive Board approval and receipt of the necessary financing assurances by Ghana’s partners and creditors.