Ghana can obtain an IMF loan as early as the third quarter: The International Monetary Fund (IMF) and the government won’t be able to reach an agreement right away, according to Dr. Cassiel Ato Forson, the minority leader in parliament.
He claimed that Ghana could not potentially acquire the $3 billion agreement in the second quarter.The third quarter will be the earliest the government can reach an agreement with the Bretton Woods Institution, according to Dr. Ato Forson.
The government’s goal of reaching a settlement in May, according to him, is impossible.
“I can assure you that it won’t happen by the end of May. It won’t happen. I will push our minister in charge of finance to tell the Ghanaian people straight out that yes, the timetables that we have, we stated A, B, and C but we cannot make it. The earliest is in the third quarter, which begins in July or August. declared Dr. Ato Forson.
Ghana is now seeking financial assistance from the Bretton Woods Institution. As a result, the government has revised its domestic debt and is moving forward with its negotiations with foreign partners.
The government has faced criticism for allegedly approaching the International Monetary Fund (IMF) too late.
As a result, the nation, which is going through its worst financial downturn in a generation, was able to reach an agreement with the IMF at the staff level for a $3 billion loan in December. Nevertheless, the IMF’s board must approve the program before lenders can be asked to offer financial commitments.
In the meantime, the Chinese government has made it clear that it is ready to assist Ghana in obtaining the Fund’s rescue for its balance of payments.
The Chinese government claims it is responsible for preventing the collapse of the Ghanaian economy.