Abebe Selassie: Ghana’s current challenges must be resolved within four years under IMF

The IMF wants Ghana to work on its fiscal deficit and improve revenue mobilisation to speed up the recovery process

The International Monetary Fund (IMF) has said Ghana’s current economic challenges must be resolved within the four years the country will be under the IMF programme.

The IMF, therefore, wants the country to work on its fiscal deficit and improve revenue mobilisation to speed up the recovery process.

Speaking to journalists at the IMF/World Spring Meetings in Washington DC, the director of the IMF’s African Department, Abebe Aemro Selassie, said “What is important to recognize is that the challenges that Ghana has, need to be addressed over the programme period to bring the fiscal deficit to a level that is required, underpinning the reforms needed including revenue mobilization which is very important. It will be the only way that will not make you rely on external financing.”

According to Selassie, the IMF is comfortable that all the measures required for management to present the programme to the executive board of the fund for approval have been completed.

“Except for the required financing assurances from external creditors. We are very encouraged by the steps that the government has taken over the last seven
months. It is a difficult time and difficult steps that are being taken by the government. But they are very encouraging.”

Ghana reached the IMF staff-level agreement in December 2022 but the country is yet to get approval from the board of the Fund for the US$3 billion bailout.

Reporting by Nana Oye Ankrah in Washington DC

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