Ghana’s economic programme hinges on reform plan – IMF

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The IMF’s Africa Director says it now works in a more collaborative way with countries

The International Monetary Fund has stated that an economic programme for Ghana hinges on a reform plan which the government has just shared with the Bretton Wood institution.

The Fund is now assessing the reform and having further discussion on the plan, but hopes to fast-track it.

Speaking at a press conference at the just-ended IMF/World Bank Spring Meetings in Washington DC, USA, Africa Department Director, Abebe Aemro Selassie, said discussions are, proceeding well, but that will depend on how quickly the reform plan can be fleshed out.

“Indeed, we are extremely, we try to be extremely responsive. I think within less than a week, for sure, with the government asking for, to engage in programme discussions we had. We fielded a mission back in July [2022] I think it was, and we agreed on a road map, in which things could move, the first step of which was the government wanting to share with us its economic reform plan, so we just had a mission to discuss the key elements of the reform plan which the government has just shared with us, and we are now assessing that and having further discussion on the plan”.

“So, we’re at the stage where, discussions are, proceeding well, I would say, and much will depend on how quickly this reform plan can be fleshed out and, start implementing for us to move forward with a programme, so that’s what we’re waiting for”, he explained further.

He pointed out the Fund will assess exactly the debt sustainability situation of the country is, and how the government would like to address that once the work has been completed, adding “so, we are waiting for that assessment”.

“I can tell you that we are doing our utmost, and we will do our utmost to make sure that we can provide support to Ghana as speedily as possible. So, that’s why, as I noted earlier, within a few days of the government requesting support, we fielded a mission, and we will do our utmost to avoid any kind of delay in terms of how we can support’, he added.

He concluded that the important reforms have to be articulated very clearly, as well as important initiatives taken in terms of how the programme can be financed.

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