The Minister of Finance, Ken Ofori Atta, is optimistic government will secure a Staff-Level Agreement with the International Monetary Fund for the disbursement of the second tranche of the $600 million when the Staff visits Ghana in September 2023.
The second tranche is based on some conditions that government must satisfy after an assessment by the Fund’s Visiting Staff.
Speaking to journalists at the Ghana Trade Fair Redevelopment Project Investor Conference in Accra, Mr Ofori-Atta hinted that the country is getting back some confidence in the economy after many efforts in meeting the IMF conditionalities.
This he believes will make the way for the next disbursement of $600 million dollars.
“We had an IMF Staff visit about three weeks ago which went very well and we’re expecting that review in September [2023].
“Between cabinet and parliament, so far we’ve gone through the qualitative performance criteria. So we expect that the review will go well in September [2023] to get a Staff-Level Agreement. We’ll go to the Board in November [2023] and we’re sure we can get it,” he explained.
He is optimistic that the country will recover swiftly, adding “God always puts the country through and with the help of all, speaking the same language, managing our investors and bondholders well, we will get there”.
Meanwhile, the Finance Minister has described as a difficult period, getting individual bondholders to suspend their intended picketing the Finance Ministry.
He, therefore, called for some sacrifice from the private sector in such a period since the country is now getting out of its challenges.
“I think the technical people are meeting and the Lord has been faithful so far. But I also think we as Ghanaians must appreciate that these are not normal times and with where we were last year and now, clearly, we should have some excitement for the future.”