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We are satisfied with Ghana’s progress in implementing IMF programme – IMF African Director

The International Monetary Fund has expressed satisfaction with the progress that Ghana has made in implementing its Fund-support programme since approval by the Board.

According to its Director, African Department, Abebe Aemro Selassie, Ghana has taken important steps in arresting the very large macroeconomic imbalances.

Speaking at the ongoing IMF/World Bank meetings in Marrakesh, Morocco, he said, the Fund is very hopeful that the ongoing discussions amongst official creditors will expeditiously help to conclude the upcoming review.

“On Ghana, we are very pleased with the progress that has been made in implementing the program since it was approved by the Board and even a little before because there were quite a number of important steps that had been taken, which are the process of arresting the very large macroeconomic imbalances that were the root cause behind the recent crisis and beginning to correct them”.

“Action is also needed from creditor side, of course, and I have to tell you that whereas it took I think something like nine months or more for Zambia to get the official creditor committee to be created, in Ghana’s case, it was fairly rapid. So, that’s what allowed us to go to the Board and get the programme approved. And we’re very, very hopeful that the ongoing discussions amongst official creditors will also expeditiously allow us to conclude the upcoming review”, he pointed out.

He added that the mission reached an agreement with the government on policies that are needed to tackle the most recent issues and also put in place an important budget for next year.

“So, Ghana has done its fair share and it’s for creditors to take steps and we’re not going to be asking the government to do more adjustment because creditors haven’t asked either. So, we will provide all the information necessary so creditors can move, allowing us to go to the Board as soon as possible”.

On the governance diagnostic report, Abebe Aemro Selassie, said “I think the request has been made. I’m not sure kind of where we are in terms of being able to provide that TA, but as soon as we have the resources, we will do that. And it’s just a matter of time, I believe”.

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