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An International Monetary Fund (IMF) team, led by Stéphane Roudet, met during October 11-19 in Washington, DC with Finance Minister Ofori-Atta, Bank of Ghana Governor Addison and their teams, to continue discussions on a possible IMF-supported program.

At the conclusion of the meetings, Mr. Roudet issued the following statement: “The Ghanaian delegation and IMF staff had very fruitful discussions on the authorities’ post-COVID program for economic growth and associated policies and reforms that could be supported by a new IMF arrangement.

“We made good progress in identifying specific policies that would restore macroeconomic stability and lay the foundation for stronger and more inclusive growth . The IMF team and the Ghanaian authorities remain fully committed to reaching agreement on a framework and policies for an IMF-supported program as soon as feasible. Discussions will continue in the weeks ahead, with a follow-up mission to take place expeditiously.”

The Finance Minister Ken Ofori-Atta was hopeful that the IMF will approve the programme by end of the year.

He told TV3’s Paa Kwesi Asare in an earlier interview on the sidelines of the annual meetings of the IMF and the World Bank in Washington DC that the Fund is motivated to close the deal by end of the year.

“…To get us close to a staff level agreement as possible so that we can incorporate all of our decisions also into the budget so there will be no reversal and therefore, by year ending, hopefully, the board will approve.

Do you see that happening? he was asked.

In a response, he said “We have to make it happen, the Fund is very motivated, we are 24/7, we will stay a few more days after this annual meetings and ensure we make solid  progress going forward.

“I am excited about where we are, which therefore means that if we complete it by end of the year, disbursements from the fund which replaces what we would have done going to the international market. Clearly, in my mind there is no need for speculation as to where the currency should be.”

Earlier, Mr Ofori-Atta assured at a press briefing on Wednesday, September 28 the fast-track negotiations with the IMF to ensure key aspects of the programme are reflected in the 2023 budget statement.

“In line with the President’s dialogue with the IMF Managing Director, Kristalina Georgieva, negotiations will be fast-tracked to ensure that key aspects of the programme are reflected in the 2023 Annual Budget Statement in November 2022,” he said.