The International Monetary Fund’s (IMF) Executive Board Meeting has sidelined Ghana from the schedule of meetings for the rest of April
The government of Ghana’s failure to present Ghana’s $3 billion bailout programme to the IMF board accounted for the Akufo-Addo-led government to feature in April’s meeting schedules.
The IMF website disclosed the schedule of meetings for the board, where they expect to meet five countries including Moldova, Central African Republic, Nepal, Eswatini and Lao People’s Democratic Republic between April 26, 2023 and May 3, 2023.
Economists bemoan unfavorable future for Ghana with the IMF if the country doesn’t honour all necessary prerequisites prior to getting the 3-billion-dollar deal.
The fund explained on its website the Debt Sustainability Assessment which according to the IMF is a prerequisite for the West African country to meet prior to getting a deal from the IMF.
This assessment is based on a Debt Sustainability Assessment (DSA) conducted jointly by the IMF and World Bank to determine whether the government is able to meet all its current and future payment obligations.
It is a forward-looking exercise that needs to take into account the authorities’ policies. In the case of Ghana, the DSA document will be presented to the Board at the same time as the program request.
Ghana missed out an initial March 2023 deadline to present Ghana’s $3 billion bailout programme to the IMF board as earlier announced by President Nana Addo Dankwa Akufo-Addo and the Minister for Finance Ken Ofori-Atta.
However, Finance Minister, Ken Ofori-Atta remains optimistic and has maintained the position that Ghana has met all the pre-conditions, and that Ghana will surely clinch a deal with fund.
What the IMF is looking forward to before it can go to its board for Ghana’s programme approval is the assurance from the Paris Club of Bilateral Creditors that that group is committed to extending the needed financing support, Finance Minister Ken Ofori-Atta mentioned.
