IMF bailout for Ghana likely to come in November

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Ghana is likely to reach an agreement with the International Monetary

Fund (IMF) over a possible bailout programme by November this year.

This is what Joy Business has gathered from credible sources close to

the Washington-based lender.

The sources say the Bretton Woods institution has already sent to

government an advanced list of requirements it would be looking out

for during negotiations.

The requirements – referred to as the ground data – would likely

include Ghana’s revenue and expenditure numbers as well as the

country’s growth rate.

These figures, according to analysts will influence any program that

the IMF would recommend to government.

An IMF mission is however expected in the country by15th of this month

to begin discussions on September 16 with government, President John

revealed last week in an interview with Reuters.

Former Finance Minister Professor Kwesi Botchwey is expected to lead

Ghana’s team to negotiate with the IMF.

After the negotiations, the IMF board is expected to meet in

Washington in October and decide on the programme for Ghana and how

the disbursement would be done – that is if the programme comes along

with a financial package.

Government announced in August it would seek an IMF intervention to

tackle fiscal problems including inflation, an unyielding budget

deficit and a depreciating currency.

Ghana has previously been a model for the West African sub-region

because it sustained high rates of economic growth on the back gold,

oil and cocoa exports and a track record of stable democracy.

Credit: Myjoyonline

Kofi Oppong Kyekyeku

I am a Ghanaian Broadcast Journalist/Writer who has an interest in General News, Sports, Entertainment, Health, Lifestyle and many more.

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