The government of Ghana is being urged by the United States of America (USA) to advance negotiations with the International Monetary Fund (IMF).

We are in favour of Ghana's request for an IMF economic bailout.

The US government is in favour of Ghana's decision to request a bailout from the IMF, according to Madam Virginia Palmer, the US ambassador to Ghana.

On Saturday, December 10, 2022, the US ambassador praised the nation's choice to apply for an IMF economic bailout in an interview with Accra-based Joy FM.

According to her, as a member of the board of the IMF, she will support the government’s efforts in securing a deal with the IMF.

She urged the government to step up its negotiations with the IMF

The International Monetary Fund (IMF) and Ghana are expected to reach a staff-level agreement on a loan deal by Tuesday at the latest, three sources with knowledge of the ongoing talks have said.

The IMF did not immediately respond to a request for comment. A spokesperson for Ghana’s finance ministry said they cannot comment beyond that the negotiations were ongoing.

Two sources said that the IMF program was expected to be an extended credit facility, which provides financial assistance to countries.

One of those sources and a third source said that major hurdles in the negotiations were overcome this week which sped up the process.

Ghana turned to the IMF for help in July, and an IMF team is currently in the country until Tuesday.

Finance Minister Kenneth Ofori-Atta has said he is hoping for a relief package of up to $3 billion, possibly over a three-year period, as the West African country faces its worst economic crisis in a generation.

The cocoa, gold, and oil-producing West African nation has said it needs the deal by the end of the year.

The government has begun restructuring its debt this week by rolling out a plan to swap $10.5 billion in local bonds with new ones, but has not yet announced plans for a foreign debt restructuring.

One source close to the matter said that the conditions for an external debt restructuring were the final hurdle and that an agreement was expected to be reached on Friday.