IMF bailout is hinged on govt’s local programme – Information Minister

The Minister of Information, Mr Kojo Oppong Nkrumah, has explained why Ghana’s financial problems go far beyond the current bailout the government is seeking from the International Monetary Fund (IMF).

He stressed that Ghana was a victim of global economic challenges, adding that the current bailout support of US$3 billion was hinged on a local programme developed by the government.

He said, “The IMF transaction is financing to underpin our Post Crisis Programme for Economic Growth, which is our programme to recover from the economic challenges that we’ve had.”

The government last week issued a statement disclaiming a news report that it had missed a November 1 deadline for the release of the second tranche of US$600 million out of the IMF bailout.

The Minister explained that, “The first review has been concluded and Ghana was successful in that review.”

He stated that at the end of that review, there was a joint conference between Ghana’s Finance Minister and the Head of the IMF team and a staff-level agreement was signed and announced to undergird our parts of the first review.

The Minister mentioned that the staff-level agreement would have to go to the IMF Executive Board which board meets in the 3rd week of November to give its approval and when that approval is given, then the second tranche would be disbursed.

-ISD