Ghana govt, IMF provide further details on $3bn bailout deal

The Government of Ghana and the International Monetary Fund (IMF) held a joint press conference on Thursday to provide further details on the $3 billion three-year extended credit facility approved for the West African nation.

Stéphane Roudet, IMF Mission Chief to Ghana, opened the conference by emphasizing the three strong pillars of the programme.

The first pillar he said focuses on restoring Ghana’s economy, while the second pillar aims to establish sustainable growth. The third pillar he said is centered on laying a solid foundation for a robust economy.

Roudet also highlighted the programme’s goals, which he said include enhancing Ghana’s resilience to shocks, improving foreign exchange (FX) stability, controlling inflation, mobilizing more domestic revenue, and reducing public spending.

“We are hopeful for a brighter future for all Ghanaians,” Roudet added.

Finance Minister Ken Ofori-Atta expressed gratitude to the IMF for providing the bailout within record time.

He also extended gratitude to the Paris Club, G7, India, China, and all the country’s creditors for their assistance in securing the bailout package.

“We are indeed grateful to Ghanaians for their participation in the domestic debt exchange programme, which was painful but necessary,” Ofori-Atta acknowledged.

Governor of the Bank of Ghana, Ernest Addison, urged Ghanaians to view the bailout funds as a means to initiate fiscal reforms in the country.

He emphasized that the bailout programme marks the beginning of the real work that lies ahead.

The press conference provided important insights into the objectives and priorities of the $3 billion extended credit facility the IMF approved for Ghana yesterday, Wednesday.

The facility is also aimed at revitalizing Ghana’s ailing economy and ensuring long-term stability.