The International Monetary Fund (IMF) says its staff and the government are committed to sealing a deal as soon as feasible to help restore economic stability and lay the foundation for inclusive growth.
The fund said in a statement issued Thursday, October 20, 2022 that discussions between the two sides had made “good progress” and specific policies needed to restore stability identified.
It said the discussions would continue in the weeks ahead, “with a follow-up mission to take place expeditiously.”
Two IMF teams have visited the country since July when the government formally reached out to the fund for assistance to restore macroeconomic.
The statement, signed by the IMF Missions Chief to Ghana, Stéphane Roudet, followed the conclusion of the third round of discussions between the government and the fund that took place from October 11-19 , 2022 during the IMF/World Bank annual meetings in Washington, D.C.
It said the IMF team met with the Finance Minister, Ken Ofori-Atta, the Bank of Ghana Governor, Dr Ernest Addison and their teams, to continue discussions on a possible IMF-supported programme.
“The Ghanaian delegation and IMF staff had very fruitful discussions on the authorities’ post-COVID programme for economic growth and associated policies and reforms that could be supported by a new IMF arrangement.
“We made good progress in identifying specific policies that would restore macroeconomic stability and lay the foundation for stronger and more inclusive growth.
“The IMF team and the Ghanaian authorities remain fully committed to reaching agreement on a framework and policies for an IMF-supported programme as soon as feasible.
“Discussions will continue in the weeks ahead, with a follow-up mission to take place expeditiously,” Mr Roudet said.
The assurance comes at a time when the cedi has lost more than 40 per cent of its value to the US dollar, partly raising the rate at which general prices increase price to record levels.
The cedi ended last week with a dollar equivalent to about GH¢11.
On Thursday, however, the cedi climbed up to about GH¢13 to a dollar, bringing to the fore the need for urgency in addressing the challenges.