Ghana Confident of Reaching Deal with Official Creditors to Secure IMF Financing

By Xinhua 

December 1, 2023

Ghana is confident of reaching a deal with its Official Creditor Committee (OCC) in early December to pave the way for the second tranche of financing from the International Monetary Fund (IMF), Finance Minister Ken Ofori-Atta has said.

Speaking to reporters on Thursday, Ofori-Atta said the delay in reaching a deal with the OCC had also delayed the release of the second tranche of 600 million U.S. dollars in financing from the IMF to the country.

He said Ghana had completed all it needed to do and had submitted all of its paperwork to the IMF and each of its directors. “And now we need to wait for the formal response from the OCC.”

Ofori-Atta said the delay in reaching a deal with the OCC was due to administrative issues such as the cut-off date for debts to be included in debt restructuring, ensuring fair treatment, and the effects of the decision on each country’s credit to Ghana.

The minister was, however, hopeful that the partners would be able to deal with those issues and arrive at a firm decision based on the good faith built over the years.

“I hope that by the end of next week, we will have what we need so that the board of IMF can sit,” said Ofori-Atta.

The West African country has been dealing with crippling economic challenges over the past few years. The government has commenced economic reforms backed by a 3-billion-dollar bailout by the IMF, with the condition of restructuring its domestic and external debts.

In May, Ghana received the disbursement of the first tranche of 600 million dollars from the IMF.