IMF Managing Director, provided an optimistic update on Monday regarding the Ghana’s efforts to secure debt relief and progress on its programme with the Fund. Speaking from the capital city, Accra, Georgieva highlighted tangible progress in negotiations with official creditors, signalling a positive trajectory for Ghana’s economic recovery.
Ghana recently achieved a significant milestone by reaching a deal to restructure $5.4bn of loans with its official creditors, including China and France, in January. This development marked a pivotal moment in Ghana’s efforts to alleviate its debt burden amidst one of the most severe economic crises in recent memory.
The agreement with official creditors served as a crucial catalyst to unlock further tranches of Ghana’s $3bn programme with the IMF. While the memorandum of understanding (MoU) had not yet been signed, Georgieva expressed confidence in Ghana’s current position, emphasising the substantial progress made in negotiations with bilateral creditors:
‘Ghana is in a good place now because it’s advanced negotiations with the bilateral creditors. In fact, there’s very tangible progress concerning the signing of the MOU with the bilateral creditors,’ stated Georgieva during a media briefing in Accra.
Georgieva’s remarks underscored her strong belief in Ghana’s ability to implement the IMF’s programme successfully, instilling confidence in the country’s economic prospects.
As Ghana continues to make strides towards debt relief and economic stability, Georgieva’s remarks reflect a sense of optimism and determination to overcome prevailing challenges and pave the way for a brighter future.
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