Finance Minister, Ken Ofori-Atta, has expressed confidence in Ghana's progress towards completing its first review of the International Monetary Fund (IMF) Programme in November 2023, paving the way for an additional disbursement of $600 million.
During a courtesy call from World Bank Managing Director for Operations, Anna Bjerde, Mr. Ofori-Atta revealed that the country will finalize a Memorandum of Understanding with its official bilateral creditors ahead of the first IMF Programme review in November 2023.
He assured that Ghana is diligently complying with all the conditions specified by the program.
“We expect to finalize an MoU with our official bilateral creditors before the first review of the IMF Programme is completed in November 2023. We have also started engaging our private creditors to seek relief on external commercial debt,” Mr. Ofori-Atta stated.
In his call to the World Bank, the Finance Minister urged for an increase in concessional financing that aligns with the numerous challenges faced by developing countries, including Ghana.
He emphasized the importance of tripling the International Development Association (IDA) resources in upcoming replenishments.
“We expect the WBG Evolution process to result in increased concessional financing commensurate with the multiple challenges faced by developing countries. More importantly, a tripling of IDA resources in upcoming Replenishments,” he added.
Mr. Ofori-Atta acknowledged the ongoing discussions between the Bank and shareholders regarding enhancing the World Bank's mission and operating model.
He emphasized that the evolution of the World Bank should foster stronger partnerships with other development stakeholders and the private sector to maximize development outcomes.
“We look forward to a 21st-century Bank that will successfully mobilize resources from countries in the global north and the private sector to address poverty, inequality, and sustainability more effectively,” concluded the Finance Minister.
