The Chief Executive of the Ghana Investment Promotion Center (GIPC), Yofi Grant, is expressing optimism of Ghana reaching a deal with the International Monetary Fund in the coming months to facilitate the revival of the economy.
The country is in the process of securing a key criteria for the deal by reducing significantly its debt to Gross Domestic Product to about 58% by 2026, whilst cutting the fiscal deficit to a target of abut 7% of GDP in 2023.
Mr. Grant disclosed at the Ghanaian German Economic Association 2023 Economic Outlook report that the government is close to reaching an agreement with the Fund.
“The government and the IMF reached the Staff Level Agreement in December 2022, a new three-year arrangement under the ECF of about $3 billion. We believe that we are close to achieving and closing that in the very future to enable us to go back to this and start building up again [reviving economy].”
He explained that the programme is aimed at restoring macroeconomic stability and debt sustainability, whiles also protecting the vulnerable.
“We believe that there has been a significant progress towards presenting Ghana’s programme to the IMF”, he mentioned.
The GIPC CEO concluded that “we expect that there might be approval or there should be approval in the next few months to enable us engage in the programme actively”.