US$3 billion IMF deal will tackle high inflation, depreciating cedi - Ofori-Atta
Local currency, Cedi
Finance Minister, Ken Ofori-Atta, has noted that the US$3 billion financial bailout Ghana wants from the International Monetary Fund (IMF) will help government stabilize the economy.
Read full articleHe further said the deal will help tackle the country's soaring inflation, as well as, strengthen the cedi against major trading currencies.
Speaking at a press conference in Accra on Tuesday, December 13, 2022, Ken Ofori-Atta said it was for these reasons that Ghanaians have to support government in this crucial time.
"The eventual conclusion of the programme will assist us in our efforts to restore stability, tackle inflation, and strengthen our currency,” he said.
“That is why the various ingredients of the programme should be supported by all Ghanaians and all stakeholders,” Ken Ofori-Atta added.
Ghana is targeting an amount of $3 billion over a three-year period from the IMF once an agreement on a programme is finalized.
The new amount requested as a loan is double the government’s initial target of $1.5 billion.
The IMF financial bailout is aimed at restoring macroeconomic stability and safeguarding debt sustainability among many others.
The International Monetary Fund (IMF) on Tuesday, December 13, 2022, announced that it has reached a staff-level agreement with Ghana on economic policies and reforms to be supported by a new three-year arrangement under the Extended Credit Facility (ECF) of about US$3 billion.
An IMF team led by its Mission Chief for Ghana, Stéphane Roudet, said Ghanaian authorities have launched a comprehensive debt operation by way of restoring the country's public debt sustainability.
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