Ghana will receive the $3bn credit after IMF Board approval – Mission Chief

The International Monetary Fund (IMF) has assured that a $3 billion credit facility will hit Ghana’s account immediately after the IMF board approves.

IMF Mission Chief for Ghana, Mr Stéphane Roudet, gave this assurance at a joint presser organised by the IMF and the Government of Ghana on Tuesday, December 13.

“What is necessary for us to be able to present is the programme request to the Board, are assurances from Ghana’s partners and Ghana’s creditors that one (1), the programme is fully financed. In other words, the financial support provided to the authorities during the programme is sufficient to finance the programme.

“And two (2), that the programme taken together, the fiscal consolidation pact, the comprehensive debt restructuring that the authorities have launched will be sufficient to re-establish that debt sustainability and as soon as we have assurances from creditors that this will be the case when sufficient progress has been made on that front, we will be able to present the programme to our board,” he explained.

Responding to the question of the exact date the money will hit the account, the IMF Mission Chief smiled and said, “that will happen shortly after the programme is approved by the board”.

Ghana and the IMF have reached a preliminary agreement for the fund to support the economy with a $3 billion credit to help resuscitate it and correct fiscal and monetary imbalances.

The proposed three-year extended credit facility (ECF) was approved by the staff of the IMF this week, subject to final approval by the management and Executive Board of the Bretton Woods institution.

Finance Minister Ken Ofori-Atta, who was the front-runner for Ghana’s negotiations, also expressed his excitement about the IMF deal.

The sector minister said the agreement, when finally approved by the IMF Board, will help restore macroeconomic stability, tackle inflation, and strengthen the local currency.

He called on Ghanaians and relevant stakeholders to come on board and support the programme to ensure its success.