The Minority in Parliament has declared that Ghana will not secure the International Monetary Fund (IMF) board approval by the end of March 2023, contrary to claims by the government.
The opposition group cited the government's inability to meet the financing assurances concerning the bailout, including the board documents.
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During a debate on the State of the Nation Address, the Minority Leader, Dr Cassiel Ato Forson, emphasized this position on Friday, March 10.
Although President Nana Addo Dankwa Akufo-Addo recently expressed confidence that the government is fulfilling the terms of the staff-level agreement reached with the IMF and will secure a deal by the end of March, the Minority Leader disputed this.
The President was optimistic that with the successful domestic debt exchange program and the support from other creditors, Ghana will clinch the $3 billion bailout from the IMF to improve the country's economic situation.
“I am confident with the cooperation we're receiving from members of the Paris Club and the People's Republic of China, which has sent a delegation from China's Exim Bank to Accra over the weekend to meet with officials of the Ministry of Finance, we shall be able to go to the board of the fund to conclude finally the agreement by the end of March,” he said.
However, the Minority Leader countered that Ghana is not likely to clinch a deal with the IMF in March and would be lucky to get a deal in April.
“Mr Speaker, our President said on authority that Ghana would get an IMF Board approval by the end of this month, I don't know who is briefing our President, but Ghana will not be able to get an IMF Board approval by the end of this month because even the board documents are prepared.
“We need to get China to give Ghana financing assurance and that they are ready to take a haircut, and China has not agreed.”
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