Professor Peter Quartey, an economist, is optimistic that the potential bailout plan from the IMF will increase investor confidence in Ghana.This comes after the Ghanaian government and representatives of the Fund started the exhaustive debt sustainability research that is necessary to come to an agreement.

A $3 billion dollar goal has been set for Ghana through an economic support program.

Speaking on the development, Prof. Quartey stated that the parties' desire to negotiate a settlement will send a good message to investors.

“The IMF has its own processes that it goes through to ensure that it comes in to rescue the situation. Some might take six to twelve months. We heard the IMF director say hopefully by December, all things being equal, we’d have the program so we’re hoping for that.”

“Although given the situation that we find ourselves, we need an injection of foreign currency into the country. But the fact that the IMF is engaging Ghana and there is progress, I believe it’s gradually bringing in some confidence into the economy and I believe some investors, despite the Fitch downgrade, will still be looking at Ghana favourably in the coming months.”

The Director of the Institute of Statistical, Social and Economic Research at the University of Ghana said this in an interview with Citi Business News.

In the course of this year, demand for forex has overtaken supplies at a time when high debts and low investor confidence have made it impossible for Ghana to access the international capital market for borrowing.

This has led to the downgrading of Ghana’s creditworthiness to junk status by international rating agencies, culminating in the depreciation of the local currency, and other economic challenges.

The situation has since compelled Ghana to enter negotiations with the International Monetary Fund for a possible economic support programme which is expected to be accessed in 2023 once an agreement can be reached.