Contrary to promises made by the administration, the minority in parliament asserts that Ghana will be unable to obtain the International Monetary Fund (IMF) board approval by the end of March 2023.
According to the opposition organization, the government has been unable to fulfill the financial guarantees related to the bailout, including the board documentation.
This was stated by the Minority Leader, Dr. Cassiel Ato Forson, during a discussion on the State of the Country Address on Friday.
The administration is systematically carrying out the provisions of the staff-level agreement signed with the IMF, and President Nana Addo Dankwa Akufo-Addo recently voiced optimism that the government can win a settlement by the end of March.
Mr. Akufo-Addo was optimistic that Ghana will secure the $3 billion bailout from the IMF to improve the country’s economic situation due to the success of the local debt swap scheme and the backing from other creditors.
“I am confident with the cooperation we’re receiving from members of the Paris Club and the People’s Republic of China, which has sent a delegation from China’s Exim Bank to Accra over the weekend to meet with officials of the Ministry of Finance, we shall be able to go to the board of the fund to conclude finally the agreement by the end of March,” he said.
Yet according to the Minority Leader, Ghana would be fortunate to reach an agreement with the IMF in April rather than in March.
“Mr Speaker, our President said on authority that Ghana would get an IMF Board approval by the end of this month, I don’t know who is briefing our President, but Ghana will not be able to get an IMF Board approval by the end of this month because even the board documents are prepared.
“We need to get China to give Ghana financing assurance and that they are ready to take a haircut and China has not agreed.”
