Ghana's economic bailout program will be accelerated - IMF Africa Boss
The International Monetary Fund (IMF) has assured that it will fast-track processes with the Government of Ghana to provide a bailout for the country through an economic program.
The International Monetary Fund (IMF) has assured that it will fast-track processes with the Government of Ghana to provide a bailout for the country through an economic program.
Abebe Selassie, the Head of the African Department announced this during the release of the African Economic Outlook Report in Washington DC on the sidelines of the Annual IMF/World Bank meetings.
Mr. Selassie reiterated IMF’s commitment to working with Ghana and stated that the Fund put together a mission immediately after Ghana made a request for support.
“I can tell that we are doing our best, and will do our utmost to ensure that we can provide support for Ghana as quickly as possible and also will do our best to avoid any delays when it comes to Ghana’s program”, he added.
Mr. Selassie stated that an important part of the IMF engagement with Ghana will be providing funding to help revive the country's economy.
He, however, added that there are conditionalities that may require a country to restructure its debt if it reaches unsustainable levels.
Mr. Selassie explained that part of the work ongoing with Ghana is to assess Ghana’s debt situation through the Debt Sustainability Analysis. on the debt issue, he stated that it is very important to clarify that countries with unsustainable levels must be assisted to ultimately help its citizens noting that the funding will come with some very important reforms that should be undertaken by the government.
However, he further mentioned that both parties are making good progress on the Economic Program for Ghana.
