IMF Ghana to secure financing assurances from creditors before Board approval

The International Monetary Fund (IMF) has directed Ghana’s government to secure financing assurances from its partners and creditors before a request for a bailout is presented to the Executive Board for approval.

Responding to a question at a news conference in Washington DC, on the status of Ghana’s application before the Bretton Woods Institution, the communications director of the IMF Julie Kozack said the IMF is engaging the Ghanaian Authorities on the bailout request but at the same time seeking assurances from Ghana’s partners.

“Financing assurances from partners and creditors are necessary for presenting the programme request to the IMF’s Executive Board for approval”.

“We’re calling on bilateral creditors to support Ghana’s effort to restore debt sustainability, form an official creditor committee, and deliver the necessary financing assurances as soon as possible”, she added.

Meanwhile, the Finance Minister, Ken Ofori-Atta, has revealed that conversations with China over Ghana’s debt have been positive and encouraging.

Ghana’s finance minister, Ken Ofori-Atta travelled to Beijing on Wednesday to meet Chinese officials to discuss a proposed restructuring of Ghana’s debt, according to a source with knowledge of the talks.

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China on Thursday revealed that it would like to enhance communications with Ghana to seek a proper resolution of Ghana’s debt issue, its foreign ministry said.

Spokesperson Wang Wenbin made the remark in response to a question on Ghana’s finance minister visiting Beijing for a proposed restructuring of Ghana’s debt.

A tweet on the official Twitter page of the Finance Minister on Friday noted that Ghana was looking forward to securing external assurances very soon.

“So far had very positive and encouraging meetings in China! Looking forward to securing external assurances very soon, even as we pass our outstanding domestic revenue bills back home. Great progress on all fronts.”

A tweet on the official Twitter page of the Finance Minister on Friday noted that Ghana was looking forward to securing external assurances very soon.

“So far had very positive and encouraging meetings in China! Looking forward to securing external assurances very soon, even as we pass our outstanding domestic revenue bills back home. Great progress on all fronts.”