The International Monetary Fund’s mission Chief to Ghana, Mr. Stéphane Roudet has revealed that the fund was eager to help Ghana navigate its way out of its current economic crisis.
Ghana secured a staff-level agreement with the International Monetary Fund for a $3 billion bailout on Tuesday a key step in the country’s plans to restructure its unsustainable debt.
The accord, which still requires IMF board approval, enables the government to address its precarious public finances and support the cedi — which had been the world’s worst-performing currency this year.
Investor concerns about ballooning government debt led to a sell-off of government bonds that effectively locked the country out of global capital markets.
But speaking on the Citi Breakfast Show on Wednesday, December 14, Mr. Roudet said the Staff Level Agreement which was achieved in a record time is a clear indication that the Fund was willing to rescue Ghana from the economic doldrums.
“There is an eagerness to help Ghana,” Mr Roudet said, adding that “everyone is aware of the hardship that the Ghanaian people are going through and we want to help.”
Mr Roudet also added that it was important for the government to announce a debt exchange programme ahead of reaching the Staff Level Agreement to assure the IMF that the country’s debt was on a sustainable path which will provide relief for creditors and gain their confidence.
According to Mr Roudet, Ghanaian authorities have committed to a wide-ranging economic reform programme, which paves the way for the IMF board to hopefully approve the $3 billion bailout early 2023.