Earliest Ghana Can Secure IMF Deal Is 3rd Quarter - Dr Ato Forson

The Minority Leader in Parliament, Dr Cassiel Ato Forson says government will not be able to secure a deal with the International Monetary Fund (IMF) immediately. According to him, it is not possible for Ghana to get the $3 billion deal in the second quarter. Dr Ato Forson said the earliest the government can secure a deal with the Bretton Woods Institution will be in the third quarter.

Speaking in an interview on Tuesday, May 2, the Ajumako Enyan lawmaker said the government’s target of securing a deal in May is not possible. I can confirm to you that it is not going to happen by the end of May, it is not going to happen, I will urge our Minister responsible for Finance to be truthful to the people of Ghana and be candid enough to say that yes, the timelines that we have, we said A, B and C but we cannot make it.

The earliest is beginning 3rd Quarter, July August, that is the earliest, Dr Ato Forson said.  Ghana is currently before the Bretton Woods Institution for a financial bailout. As a result, government has renegotiated its domestic debt and is on course with foreign partners as well.  However, critics of the government have argued that it went to the International Monetary Fund (IMF) late.

As a result, the country which is struggling with its worst economic crisis in a generation, secured a staff-level agreement with the IMF in December for a $3 billion loan, though asking lenders to provide financing assurances is a condition for the IMF’s board to sign off the programme.

Meanwhile, the Chinese government has given a strong indication that it is willing to help Ghana secure the balance of payments bailout from the Fund. According to the Chinese government, it has an obligation to ensure the Ghanaian economy does not collapse.