The Finance Minister of Ghana, Ken Ofori-Atta has announced that the country is making significant strides in its loan negotiations. The minister expressed optimism regarding the ongoing discussions with international partners, highlighting the progress made thus far.
The negotiations, aimed at securing essential financial support for Ghana’s development projects, have been fruitful and productive. The minister emphasised that the government’s dedicated efforts have yielded positive outcomes, bringing the country closer to achieving its economic goals.
This is crucial for the May agreement with the International Monetary Fund (IMF) to work. The $ 3bn bailout programme agreed upon was aimed at helping the troubled economy.
Ghana is hoping to restructure its external debt before the first review of the IMF agreement later this year.
Ghana, known for its commitment to sustainable development and robust financial management, has been actively engaging with various international lenders and institutions. The minister highlighted the importance of these loan negotiations in facilitating the implementation of key initiatives that will spur economic growth, enhance infrastructure, and improve public services.
Addressing the media in Accra, Mr. Ofori-Atta gave indications that the country was in the process of clinching a new deal with its lenders in the coming weeks.
The country is hoping to defer interest payments worth $10.5 billion.
The minister said that the IMF programme had created fertile ground for implementing other measures that would help revive the economy.
He added that Ghanaians should brace themselves for the needed reforms to make it a success.
“In fact, the real work of adjustment, realignment, and the path to steady economic growth has just begun. Let us brace ourselves for the needed reform… in order to rebuild the walls of the republic with urgency,” Mr. Ofori-Atta said.
The minister also reiterated the government’s commitment to responsible borrowing and emphasised that loan proceeds will be strategically allocated to priority sectors, fostering sustainable development and uplifting the lives of Ghanaians.
As negotiations continue, Ghana remains steadfast in its pursuit of economic progress and aims to leverage the loans to drive inclusive growth, attract investments, and create opportunities for its people. The government’s determination and the positive developments in the ongoing negotiations inspire confidence in Ghana’s economic future and its ability to meet its developmental objectives.