Dr. Cassiel Ato Forson, the Minority Leader, has expressed his belief that Ghana will not be able to reach an agreement with the International Monetary Fund (IMF) by the end of May, as previously predicted by Finance Minister Ken Ofori-Atta.
In his view, the earliest that Ghana can expect to close a deal with the IMF would be around July or August.
During an interview on TV3, the Ejumako Enyan Essiam lawmaker said, “You notice that Ghana is still struggling to get an IMF programme, the President came to Parliament to promise us that he is going to get us a deal by March, I said that it is not going to happen, March is gone, April is gone, we are now in May. I can confirm to you that it is not going to happen by the end of May.”
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Dr. Forson also urged the Minister responsible for Finance to be truthful to the people of Ghana and candidly admit that the timeline for the deal has been pushed back.
He said that the earliest timeframe to expect the deal would be in the beginning of the third quarter, which would be around July or August.
It is worth noting that the Finance Minister, Mr. Ofori-Atta, had previously stated that the government expected the IMF’s board to approve the deal by May of this year.
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Speaking to investors on the sidelines of the ongoing IMF/World Bank Spring Meetings in Washington, D.C. USA on April 13, Mr. Ofori-Atta said, “We do at this time expect an IMF board approval in May and contemplate a rapid negotiation of a Memorandum of Understanding (MoU) with our creditors. We have made significant efforts on all fronts.”
The Finance Minister also assured investors that the government had taken several measures to address the challenges with the nation’s finances. He mentioned that Ghana was undergoing debt restructuring as part of its efforts to secure a deal with the IMF.
He also indicated that the government intends to deepen its relationship with external creditors and reaffirmed its commitment to working with private and commercial creditors in all of its engagements.
In summary, the Minority Leader believes that Ghana will not be able to close a deal with the IMF by the end of May, as predicted by the Finance Minister. The earliest timeframe for the deal would be in the beginning of the third quarter, around July or August.
The Finance Minister had previously stated that the government expected the IMF’s board to approve the deal in May and had taken measures to address the challenges with the nation’s finances.
