The IMF is engaging the Ghanaian Government on the bailout request while also looking for reassurance from Ghana’s partners, according to Julie Kozack, the organization’s communications director, who announced during a news conference in Washington, DC.
It is required to get financing guarantees from partners and creditors before submitting the program request to the IMF Executive Board for approval.
She stated, “We’re urging bilateral creditors to assist Ghana’s efforts to restore debt sustainability, establish a formal creditor committee, and provide the essential financial assurances as quickly as feasible.
The government has also stated that it is planning to submit its economic blueprint by March 2023, when it will be in effect.
The government must still fulfill all the prerequisites before the program can start.
In a similar event, Ken Ofori-Atta, Ghana’s finance minister, disclosed that discussions with China on Ghana’s debt have been constructive and energizing.
“Thus far, our interactions in China have been quite optimistic and good. Even as we send our unpaid domestic revenue bills home, we look forward to obtaining external assurances soon. Excellent progress on all fronts read a tweet sent on the Finance Minister’s official Twitter account on March 24.
China, however, added on Thursday, March 23, that it wanted to improve contact with Ghana to find a suitable solution to the country’s debt problem.