Finance Minister, Ken Ofori-Atta, has indicated that the country is on course for the successful completion of its first review of the International Monetary Fund (IMF) Programme in November 2023 and the subsequent disbursement of an additional $600 million.
According to him, Ghana will finanlise a Memorandum of Understanding with its official bilateral creditors before the first review of the IMF Programme is completed in November 2023.
Disclosing this when the World Bank Managing Director for Operations, Anna Bjerde paid a courtesy call on him, Mr. Ofori-Atta, said Ghana is complying with all the conditions stipulated by the programme.
“We expect to finalise 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.”
He called the World Bank to increase concessional financing to commensurate with the multiple challenges faced by developing countries, such as Ghana.
According to him, a tripling of IDA resources in upcoming replenishments is important.
Mr. Ofori-Atta alsocalled on the World Bank to be more responsive to the global crises to avert the erosion of gains made in economic growth, poverty reduction, and human development and also increase concessional financing.
“We expect the WBG Evolution process to result in increased concessional financing commensurate to the multiple challenges faced by developing countries. More importantly a tripling of IDA resources in upcoming Replenishments”.
He acknowledged the ongoing discussions between the Bank and shareholders to enhance the Bretton Wood institution’s mission and its operating model, financial model, adding, the evolution of the World Bank should enhance partnerships with other development partners 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”.
