IMF bailout: Quickly agree on debt relief terms – Ofori-Atta begs bilateral creditors

The Ministry of Finance has appealed to its bilateral creditors to quickly agree on the debt relief terms to help Ghana secure the second tranche of the $3 billion International Monetary Fund (IMF) bailout package.

He expressed appreciation to the IMF for giving Ghana the needed support in its quest to help the economy to turn the corner.

Mr Ofori-Atta in a tweet said, “Great meeting with @KGeorgieva during the #IMFMeetings. Discussed recent achievement of SLA for first review. Grateful for strong IMF support, and calling on bilateral creditors to agree on debt relief terms as quickly as possible. #GhanaRising”.

The International Monetary Fund says it is waiting for the outcome of Ghana’s engagement with its bilateral creditors before releasing the next tranche of the $3 billion facility.

Great meeting with @KGeorgieva during the #IMFMeetings. Discussed recent achievement of SLA for first review. Grateful for strong IMF support, and calling on bilateral creditors to agree on debt relief terms as quickly as possible. #GhanaRising pic.twitter.com/XVM0MSqN8h

— Office of the Finance Minister-Ghana (@oofmghana) October 11, 2023

This was disclosed by the IMF Managing Director, Kristalina Georgieva, in a tweet on Wednesday after meeting Ghanaian officials to discuss the way forward.

Ghana recently reached a staff-level agreement with the IMF following a review of the country’s economic progress after the first tranche of $600 million was disbursed.

Georgieva congratulated Ghana on securing the staff-level agreement.