Professor Peter Quartey, the Director of the Institute of Statistical, Social and Economic Research (ISSER) has predicted that Ghana could land a bailout from the International Monetary Fund (IMF) by June, 2023.
Ghana is seeking for a $3 billion loan from the IMF to get its debt under control, restore financial stability and help people most at risk from rising prices and other economic problems.
The country is currently facing more than 40 percent inflation, growing debt and a sharp decline in its cedi currency since the start of the year.
IMF officials have been in the Ghana, where they discussed support for the country’s policy and reform plans with authorities.
It would be recalled that Finance Minister, Ken Ofori-Atta in a press conference last year said the Akufo-Addo led government is committed to the programme and will work towards meeting the demands.
He said the agreement will help restore economic stability, tackle price spikes and strengthen the currency.
He indicated that IMF board approval of the proposed three-year loan is expected early this year with discussions in advanced.
“We pray that this will be the last [support needed]. That is why the programme will be that strong,” he said.
And with discussions almost through, Professor Peter Quartey believes the likelihood of Ghana securing the loan in June this year seems possible.
“All things being equal, the plan was to have this in March, but you know the external creditors have a big stake, China especially, have a big stake in whether this programme will come on or not. I am cautiously optimistic that by June we should have the programme running,” Prof Quartey told TV3 on the sidelines of a forum held by ISSER on Thursday, May 4, 2023.
Some inputs from Al Jazeera and 3news
