Bailout package: IMF Executive Board to meet in 3rd week of November – Ofori-Atta hints

Finance Minister, Ken Ofori-Atta, has hinted that the Executive Board of the International Monetary Fund (IMF) is expected to deliberate on Ghana’s approval for the second tranche bailout disbursement of the Extended Credit Facility in the third week of November 2023.

According to him, the government remains optimistic that the Official Creditor Committee (OCC) and the Paris Club will reach an agreement towards the signing of an MoU to pave the way for the second tranche disbursement of $600 million of the total $3 billion bailout package.

Speaking at the maiden Ghana Mutual Prosperity Dialogues (GMPD) in Accra on November 2, the Finance Minister pointed out that the period between now and the end of the year is critical towards Ghana charting a path towards economic stability.

“This period between now and the year-end are critical. We do have the budget on November 15 [2023], the IMF Board meeting on November 22 and in between, we are also negotiating with the Independent Power Producers to get stability in our energy sector and we are hopeful that this would be done by the end of November [2023],” the Finance Minister said. 

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“We have also initiated discussions with our Eurobond investors and gave them broad contours for what we would like to see and they have also brought us some illustrative scenarios to consider. I believe that by year-end, we should be able to conclude on those and therefore set 2024 to work on the issues of the private sector to ensure the economy continues to strengthen,” he added. 

Mr. Ofori-Atta further said the Ghana Mutual Prosperity Dialogues aims to re-calibrate government’s approach to deepening collaboration with the private sector [both foreign and domestic], development partners, labour and government to foster intimate partnerships.

The GMPD aims to improve the business environment in Ghana, attract more FDI, and enhance the country’s competitiveness. By fostering collaboration between the public and private sectors, the GMPD seeks to unlock investment opportunities and promote economic growth in Ghana.

The initiative falls under the auspices of the Ministry of Finance, being the key actor in charge of the FDI dialogue in the country with support from International Finance Corporation (IFC) providing the government with facilitation and technical assistance.