IMF Team Arrive Tomorrow To Continue discussions with Gov’t

An International Monetary Fund (IMF) staff team, led by Stéphane Roudet, Mission Chief for Ghana, will arrive in Accra today September 26, 2022 and continue discussions with government on policies and reforms that could be supported by a Fund lending arrangement.

The team will also further engage with other stakeholders including the Bank of Ghana, Parliament, business associations and civil society groups during the visit.

The discussions with government and other stakeholders will end on October 7, 2022.

This is coming after the downgrade of Ghana’s credit to further junk status by rating agency, Fitch.

Fitch downgraded Ghana’s Long-Term Local- and Foreign-Currency Issuer Default Ratings (IDRs) to ‘CC’, from ‘CCC’.

The downgrade, it said, reflects the increased likelihood that Ghana will pursue a debt restructuring given mounting financing stress, with surging interest costs on domestic debt and a prolonged lack of access to Eurobond markets.

In July, 2022, an IMF staff team led by Carlo Sdralevich visited Accra to assess the current economic situation and discuss the broad lines of the government’s Enhanced Domestic Programme that could be supported by a Fund lending arrangement.

The IMF team met with Vice President Bawumia, Finance Minister Ofori-Atta, and the Governor of the Bank of Ghana, Dr. Ernest Addison. The team also met with the Parliament’s Finance Committee, civil society organizations, and development partners, including UNICEF and the World Bank to engage on social spending.

At the end of the meeting, it reaffirms its commitment to support Ghana at this difficult time, consistent with its policies.