Ghana is seeking $3 billion from IMF programme – Finance Minister

• Posted on August 10, 2022August 10, 2022
• by Nana Kwesi Coomson
• Comment

The Minister of Finance, Ken Ofori-Atta has disclosed that Ghana will seek $3 billion dollars from the International Monetary Fund (IMF) when negotiations start.

According to the Minister, this new figure is a revised version of the $1 billion the nation anticipated.

Speaking in an interview on Joy News, Mr. Ofori-Atta said the revised figure is due to changes in the economic fortunes of the country.

The Finance Minister has also disclosed that Government is hoping to complete work on its Enhanced Domestic Programme by the end of September this year, which will form the basis for negotiating a programme with IMF.

Mr. Ken Ofori-Atta revealed that government is optimistic of securing a programme with the IMF next year, as it pushes to finalise work on its Enhanced Domestic Programme this summer.

“Programmes usually take about six months to be negotiated, but discussions for Balance of Payment support has already started.”

“We are thinking of a three-year programme possibly, hopping that IMF programme reforms will be completed in 2 years” the Minister added.

Ken Ofori-Atta also disclosed that, they will be tapping into the Eurobond Market, after Ghana is able to close a deal with the IMF. This will make up the funding shortfalls for the country.

The minister also revealed that closing the IMF programme quickly will also help restore investor confidence in the economy.

Government over the years has struggled in hitting its revenue target and checking Budget overruns, but Mr. Ofori-Atta has assured that government is hoping to rely heavily on the GIFMIS programme to scrutinize all expenditure over the next five months.

The Minister maintained that this will help restore confidence in the economy as government takes some of the fiscal measures for the next five months.