The International Monetary Fund (IMF) has conveyed optimism regarding the ongoing negotiations between the Ghanaian government and the Official Creditor Committee.

The successful resolution of these discussions is seen as a crucial step toward convening the Board of the Fund to review Ghana's program.

Once an agreement is reached, it would pave the way for unlocking the $600 million bailout package, which constitutes the second tranche of the $3 billion Extended Credit Facility.

“Discussions between the Ghanaian authorities and the Official Creditor Committee are ongoing, and we certainly hope that an agreement can be reached soon so that we can rapidly bring the programme to the Board, said at a press conference.

“To ensure timely completion of the review, official creditors and the Ghanaian authorities will need to reach agreement on a debt treatment, consistent with the objectives of the programme, and in line with the financing assurances that creditors provided in May of 2023”, she added.

She also stated that the government's robust policy and reform commitments, as outlined in the three-year, $3 billion program with the IMF are beginning to yield positive results.

“On Ghana, the authorities’ strong policy and reform commitments under the three-year, $3 billion program with the IMF is starting to bear fruit. There are signs of economic stabilization. Growth in 2023 has proven more resilient than initially envisaged, inflation has come down, and the fiscal and external positions have improved”.

“Moreover, exchange rate volatility has declined. On October 6, 2023, our IMF team reached a staff-level agreement on the first review under the program, and once this review was completed by the Board, Ghana would have access to $600 million in financing”, she alluded.

“To ensure timely completion of the review, official creditors and the Ghanaian authorities will need to reach agreement on a debt treatment, consistent with the objectives of the programme, and in line with the financing assurances that creditors provided in May of 2023”, she added.

In December 2022, Ghana sought assistance from the IMF to address economic challenges, particularly related to public finances and debt management.