Richard Ahiagbah, the New Patriotic Party’s (NPP) Director of Communications, has urged Ghanaians to help the NPP government revive the economy.
He claims that the government is rebuilding the economy to be better and stronger.
In response to speculations that the IMF will probably accept Ghana’s 3 billion bailout on Wednesday, May 17, he said: “It is all clear, and the IMF is likely to approve Ghana’s extended credit facility (ECF) application as soon as this month. But please note that the conditions requiring this ECF application were brought on almost exclusively by the twin factors of covid-19 and the war in Ukraine, unlike the 2015 ECF application which was 95% a function of internal mismanagement of the economy. Ghana is building back stronger and better! Support NPP to deliver for Ghana.”
Earlier, Dr. Mohammed Amin Adam Anta, the Minister of State at the Finance Ministry, stated that the first tranche of $600 million will be distributed as soon as the IMF Executive Board approved Ghana’s request for an ECF.
A second tranche of the same amount will be paid out by the end of the year, the Karaga Member of Parliament (MP) confirmed in an interview. The remaining funds will be distributed in equal installments of $360 million after semi-annual evaluations.
According to the former deputy energy Minister, the nation should anticipate the deal to be honored on Wednesday, May, 17. He also stated that: “with the disbursement, there is going to be $600 million as a first tranche just immediately after the approval.”
Paris Club Assists Ghana In IMF Deal
Within a week of the Executive Board’s approval, the nation is anticipated to receive the first tranche. This change comes after the Paris Club’s significant assistance to Ghana. It was at the summit in Paris that China co-chaired.
“The creditor committee examined the macroeconomic and financial situation of Ghana, including its long-term debt sustainability, and its formal request for a debt treatment under the ‘Common Framework for Debt Treatments beyond the DSSI’ endorsed under the Saudi G20 Presidency in November 2020, which was also endorsed by the Paris Club.
“The creditor committee supports Ghana’s envisaged IMF upper credit tranche (UCT) program and its swift adoption by the IMF Executive Board to address Ghana’s urgent financing needs. The creditor committee encourages Multilateral Development Banks (MDBs) to maximize their support for Ghana to meet its long-term financial needs.”
Paris Club
President Nana Addo Dankwa Akufo-Addo was delighted with this and spoke highly of having overcome the “last hurdle” when he met with the Ghana Catholic Bishops’ Conference at Jubilee House.
“Today is a very special day in the recent history of Ghana. At long last today, we have been informed that the last hurdle towards our agreement with the [International Monetary] Fund has been overcome, which is that the Paris Club met today in Paris with the creditor’s committee co-chaired by China and has okayed and approved Ghana’s request of the IMF.”
Nana Addo Dankwa Akufo-Addo
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