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Ghana to Engage Local and Foreign Investors to Speed Up IMF Deal

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Ghana has started engaging local and foreign investors to help fast-track negotiations with the International Monetary Fund (IMF) for as much as $3 billion to support its economic program.

The West African nation’s economy wants key aspects of that program to be reflected in next year’s budget, Finance Minister Ken Ofori-Atta told reporters in the capital, Accra, on Wednesday.

The 2023 budget will be presented in November, leaving the government with less than two months to finalize an agreement with the lender.

Should the Washington-based lender deem that Ghana’s 393.4 billion cedis ($38 billion) of debt is unsustainable, the authorities will have to take remedial action, including restructuring its liabilities, to qualify for assistance, the IMF said last week.

“There must be room for a win-win conversation through extensive stakeholder engagement with both our domestic and external investors. We simply have not reached any agreement with the Fund on the parameters of any debt operations as we are in the process of completing the debt-sustainability analysis.” Finance Minister Ken Ofori-Atta.

Ghana began talks with the Washington-based fund in July for a three-year extended credit facility program after efforts — including cutting discretionary state spending by as much as 30% — failed to stem a selloff in its Eurobonds and the cedi currency.

 

 

 

Source: Bloomberg.com

See also  Ghana’s upstream petroleum industry under threat – PIAC report
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