Ghana to get IMF Bailout approval in May – Finance Minister

Ghana to get IMF Bailout approval in May – Finance Minister

During an Investors Presentation Forum, the Finance Minister, Mr. Ken Ofori-Atta, announced that Ghana is on track to obtain Board approval from the International Monetary Fund (IMF) for a $3 billion bailout by the end of May 2023.

Ofori-Atta also highlighted the progress Ghana has made in debt restructuring and encouraged external creditors to lend support to the country’s application for an IMF programme.

In his own words;

“We do at this time expect an IMF board approval in May [2023] and contemplate a rapid negotiation of a Memorandum of Understanding (MoU) with our creditors. We have made significant efforts on all fronts. We hope we could reach an agreement in principle with you our Eurobond holders quickly”.

“We understand this is a challenging time for all of you to commit and offer financial support to all of you. But please be assured we are fully committed to you and your advisors to ensure an equitable solution,” he said.