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Ghana’s negotiations with the Worldwide Financial Fund over a rescue package deal will likely be fast-tracked.
This was disclosed in a press briefing on the economic system launched by Finance Minister Ken Ofori-Atta on Wednesday.
Following Ghana’s request for a mortgage from the IMF in July, IMF workers members are at present debating insurance policies and reforms with representatives from the nation’s finance ministry and central financial institution.
The federal government of Ghana, a big producer of cocoa and gold, has been battling to rein in spiraling inflation, reduce down on authorities spending, and help the native forex. By the top of June, it had a balance-of-payments deficit near $2.5 billion, up from about $935 million in March.
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He stated, “The IMF Mission will cowl 10 days; and in keeping with H.E. the President’s dialogue with the IMF Managing Director, Kristalina Georgieva, negotiations will likely be fast-tracked to make sure that key elements of the programme are mirrored within the 2023 Annual Finances Assertion in November 2022.”
He added that the Authorities is dedicated to making sure {that a} complete package deal is negotiated to revive and maintain macroeconomic stability, guaranteeing sturdy and inclusive development and selling social safety.
The Minister for Finance and Financial Planning of Ghana acknowledged that authorities had not come to any settlement with the Fund on the parameters of debt operations, however {that a} committee can be shaped within the coming days to have interaction monetary sector stakeholders on how you can proceed.
“We merely haven’t reached any settlement with the Fund on the parameters of any debt operations as we’re within the means of finishing the debt sustainability evaluation. Authorities shall proceed to actively have interaction all stakeholders in a transparent and clear method as we search to fast-track the IMF negotiation course of.”
Credit standing company Fitch downgraded Ghana from “CCC” to “CC” final week because of rumours that the federal government could also be mulling a technique to restructure its native forex debt.
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