Ghana's bailout negotiations with the International Monetary Fund (IMF) have proceeded, according to President Nana Addo Dankwa Akufo-Addo.
According to the President, the nation is aiming to reach a decision on a fund support program by the end of 2022.
In a speech on the economy on Sunday, he told Ghanaians, "I am able to report to you, my fellow Ghanaians, that the negotiations to secure a robust IMF Programme, which will support the implementation of our Post COVID-19 Programme for Economic Growth and additional funding to support the 2023 Budget and development program, are at advanced stages and are going well.
After struggling with its economy and rising living expenses for months, Ghana returned to the IMF for a US$ 3 billion bailout.
According to the Ministry of Finance, the government and the IMF have established a clear roadmap for completing the program's final elements in order to obtain a Staff-Level Agreement by the end of 2022.
The government would expedite negotiations with the IMF, according to pressured Finance Minister Ken Ofori-Atta, to ensure that important elements of the program are represented in the 2023 budget statement.
The likelihood of finalizing the IMF accord before the end of the year has been questioned by some experts.
President Akufo-Addo is optimistic that the timetable may be met given the government's dedication to reversing the nation's economic collapse.
"We are committed to securing these agreements as soon as possible to give Ghanaians their confidence and relief. By the end of the year, we want to have an agreement with the IMF. This would lend more support to the steps the government is taking to strengthen our currency and stabilize the economy, he promised.
The President reaffirmed that, contrary to rumors, the administration does not seek to reduce investment returns.
"I also want to reassure every Ghanaian that no investor—individual, institutional, or pension fund—in Government treasury bills or other instruments would lose money as a result of our ongoing IMF deliberations.
I beg all of you to disregard the false rumors because there won't be any "haircuts," just as the government made sure the 4.6 million depositors impacted by the exercise wouldn't lose their money during the banking sector clean-up.