We Will Clinch $3bn IMF Bailout Deal In May – Ofori-Atta

The Minister of Finance, Kenneth Nana Yaw Ofori-Atta , says Ghana should expect an International Monetary Fund (IMF) Board approval for a programme by the close of May 2023.

According to him, Ghana has made significant progress, hence the need for it to get approval as soon as possible.

Addressing Eurobondholders at an Investors Presentation Forum by the Republic of Ghana, Mr. Ofori-Atta called on external creditors to support Ghana’s quest in securing the programme.

“We do at this time expect an IMF board approval in May [2023] and contemplate a rapid negotiation of a Memorandum of Understanding (MoU) with our creditors. We have made significant efforts on all fronts. We hope we could reach an agreement in principle with you our Eurobond holders quickly”.

“We understand this is a challenging time for all of you to commit and offer a financial support to all of you. But please be assured we are fully committed with you and your advisors to ensure an equitable solution,” he said.

Mr. Ofori-Atta said access to the international capital market is key on the agenda of government to restore macroeconomic stability.

He maintained that government is committed to fair debt treatment with its commercial creditors.

“Government intends to deepen the relationship with its external creditors. We reaffirm our commitment to work with our private and commercial creditors in all of our engagements,” he added

Mr Ofori-Atta and the Governor of the Bank of Ghana, Dr. Ernest Addison, are leading a high-level Ghana delegation to the World Bank and IMF Spring Meetings, ongoing in Washington D.C.

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