Accessing IMF bailout: Ghana almost there – Kojo Oppong Nkrumah

Information Minister Kojo Oppong Nkrumah says the country will soon secure a bailout from the International Monetary Fund (IMF).

According to him, Ghana’s package is virtually ready to be presented for approval any moment now following the government’s successful engagement with Ghana’s creditors. 

Mr Oppong Nkrumah said this is according to information from government sources within the Bretton Woods institution. 

Speaking in an interview with Asempa FM on Thursday, the Ofoase-Ayirebi lawmaker was optimistic the country’s economy will rebound soon. 

We have information from the corridors of power in the IMF that all of those final details (debt assurances from Ghana’s creditors) are coming together and that any moment from now Ghana’s package will be sent to the board for a board approval so we can get our balance of payment support that we are looking for from them, he told host Philip Osei Bonsu. 

Ghana is currently before the Bretton Woods institution for a financial bailout, as a result of which the government has renegotiated its domestic debt and is on course with foreign partners as well. 

However, critics of the government have argued that it went to the International Monetary Fund (IMF) late. 

As a result, the country which is struggling with its worst economic crisis in a generation, secured a staff-level agreement with the IMF in December for a $3 billion loan, though asking lenders to provide financing assurances is a condition for the IMF’s board to sign off the programme.

Meanwhile, the Chinese government has given a strong indication that it is willing to help Ghana secure the balance of payments bailout from the Fund.

According to the Chinese government, it has an obligation to ensure the Ghanaian economy does not collapse.