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IMF team returns in December for next round of negotiations

BY: Maxwell Akalaare Adombila
IMF team returns in December for next round of negotiations
IMF team returns in December for next round of negotiations

A team from the International Monetary Fund (IMF) is expected in the country next week to continue negotiations with the government towards closing a support programmed to the economy.

The team, which will be led by the IMF Mission Chief to Ghana, Stéphane Roudet, will be in the country from December 1 to 13, 2022.

The fund said in a statement released Wednesday that the team will continue discussions with the authorities on the country’s post-COVID programme for economic growth and associated policies and reforms that could be supported by a new IMF lending arrangement.

"IMF staff will also further engage with other stakeholders during the visit," the fund.

Ghana requested a fund-assisted programmed in July after the cedi came under intense pressure and inflation soared to record highs.

As of October this year, inflation was reported at 40.4 per cent and the cedi had lost more that 54 epr cent of its value to the US dollar.

A debt restructuring exercise is currently ongoing to bring the debt to sustainable levels to allow for the fund-assisted programme.

Since the request about three IMF Missions have the country for discussions and similar meetings have been held in Washingtin D.C. in USA.
Ghana can get up to $3 billion in funding under a three-year programme.

Mr Roudet said in the statement that the IMF have had productive discussions with the Ghanaian authorities over the last few months and looked forward to the impending one in Accra.

“Our objective for this visit is to make further progress toward reaching agreement on policies and reforms that could be supported by an IMF lending arrangement.

“The IMF remains fully committed to help Ghana restore macroeconomic stability, bring relief to Ghanaians in this time of crisis, and lay the foundation for more inclusive growth,” he added.