Economist and Finance Lecturer at the University of Ghana Business School, Prof. Godfred Bokpin has cast doubts on the government securing a bailout from the International Monetary Fund (IMF) before the end of the year.
According to him, it that will be “challenging” for the government to achieve the aim, agreeing however, that the government may at best reach a staff-level agreement with the Fund.
He explained that a lot of processes have to be completed before a deal could be reached.
“I’m a bit moderate on this also given what the Managing Director of IMF said a couple of months ago, that a deal by the end of this year will be reached.
“We will hold her to that, but if you look at the processes that we have to go through in having a programme approved finally by the Executive Board, it looks very challenging.
“Probably it is more like a staff-level agreement with the Fund could be reached before the year ends,” he said when he spoke on the Super Morning Show on Joy FM on Thursday.
Government has said it will fast-track negotiations with the IMF to ensure key aspects of the programme are reflected in the 2023 budget statement expected to be presented to Parliament in November.
Finance Minister, Ken Ofori-Atta at a press briefing on Wednesday, September 28 said that is the focus of the government.
The IMF has also assured that it will fast-track processes to ensure government achieves its objectives.
The Head of the African Department at the IMF, Abebe Selassie, announced this during the release of the African Economic Outlook Report in Washington, DC on the sidelines of the Annual IMF/World Bank meetings.
Reiterating IMF’s commitment to working with Ghana, Mr Selassie stated that the Fund put together a mission immediately after Ghana made a request for support.
“I can tell that we are doing our best, and will do our utmost to ensure that we can provide support for Ghana as quickly as possible”, he said.
“We will do our best to avoid any delays when it comes to Ghana’s programme”, he added.
Currently, the second phase of negotiations has been concluded between the government and the Fund.
However, despite all these, Professor Bokpin says a lot is left to be done.
