During the ongoing International Monetary Fund (IMF) /World Bank Spring Meetings in Washington, DC, the African Director of the IMF, Abebe Selassie has reassured Ghana of continued financial support despite ongoing negotiations with its Eurobond holders.

Selassie stated that while an agreement with Eurobond holders has not been reached, the IMF remains committed to providing additional financing to Ghana.He emphasized the IMF's flexibility in tailoring policies to support countries efficiently.“With respect to Ghana, again, discussions are ongoing just a few months after official creditors provided financing assurances and, the government is in good faith discussions with their creditors, and we hope that there will be an outcome. I should add here that the fact that they have not reached agreement with their Eurobond holders will not prevent us from being able to provide more financing, although reaching that agreement is of course important”.

“As of now there is no MOU [Memorandum of Understanding] with bilateral creditors, but we know that there have been intensive discussions in recent weeks and those are continuing, and we are very hopeful that there will be agreement with bilateral official creditors. To be clear, they have provided financing assurances though, and that remains in effect. And so, we are not envisaging that it will be an issue for our ability to conclude the next review and provide the disbursement that is pending. As we noted, we have reached staff-level agreement and that is by far the most important component for the review,” Abebe Selassie stated.

Regarding Ghana's discussions with creditors, Selassie expressed optimism about a positive outcome.“With respect to commercial creditors. I think we are grateful that the government shared with us some of the terms that are under consideration. Staff has provided an input on whether these terms were consistent with program parameters and the government has decided that they would not pursue this deal just yet. Again, I think we are very hopeful that there will be movement and that they can reach agreement consistent with the program parameters, helping lower Ghana's debt burden at the right level and avoiding, of course, people of Ghana having to make too much sacrifice”, Mr. Selassie pointed out.He noted ongoing talks with both commercial and bilateral creditors, highlighting the importance of reaching agreements to alleviate Ghana's debt burden.

Despite the absence of a Memorandum of Understanding (MOU) with bilateral creditors, Selassie highlighted the progress in discussions and expressed confidence in a favourable resolution.He also mentioned the government's decision not to pursue a deal with commercial creditors at present, pending agreement on terms aligned with program parameters.

Selassie concluded by expressing hope for swift negotiations with private sector creditors while acknowledging that these processes take time and are primarily between Ghana and its creditors.“I am hopeful also that the private sector creditors are also approaching it with that view. But negotiations take time, and I am not sure I can give a timeline. This is something that is between Ghana and its creditors, so I will leave it at that”.

Overall, the IMF remains supportive of Ghana's efforts to manage its debt and achieve financial stability.