$3billion Bailout Will Build Ghana’s Economy To Withstand Shocks – IMF Mission Chief

The International Monetary Fund (IMF) Mission Chief for Ghana, Stéphane Roudet, says the $3 billion bailout approved for Ghana will result in reforms to make the economy resilient to withstand shocks.

According to him, the programme will also result in changes to encourage private sector investments and build international reserves.

Speaking during a joint press conference in Washington on Thursday, May 18, Mr Roudet said, “There will be reforms in the energy and cocoa sectors.”

“It will be restoring macroeconomic stability for higher and more inclusive growth. It has reforms that will make the economy more resilient and are likely to withstand shock in the future,” he added.

Meanwhile, Finance Minister Ken Ofori-Atta, on his part, thanked the fund for the support.

“We are already seeing relative stability in the currency and inflation and revitalising our economy. Government, with support from the IMF and collective effort with Ghanaians, will work through our current challenges and emerge stronger,” he said.

The International Monetary Fund (IMF) approved a $3 billion bailout to support Ghana’s economy after Ghana secured the Paris Club financing assurance on Friday, May 12.

The IMF’s Executive Board gave the green light after a meeting held in Washington on Wednesday, May 17.

Before the approval, Ghana had to embark on several measures, including the Domestic Debt Exchange Programme (DDEP), tax increment, and some expenditure cuts.