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Ghana: President Akufo-Addo Elated for Creditor Committee’s Support to Ghana’s U.S.$3 Billion IMF Bail Out

President Nana Addo Dankwa Akufo-Addo has welcomed the news by the creditor committee for Ghana formed by countries with eligible claims on the country for the swift adoption by the IMF Executive Board to address Ghana’s urgent financing needs.

Ghana is seeking an IMF $3 billion bail out to address its balance of payments. It reached a Staff level Agreement last year December pending the approval of the IMF Board of Directors for the disbursement of the funds.

Addressing a delegation from the Ghana Catholic Bishops Conference at the Jubilee House Friday, an elated President Akufo-Addo said Ghanaians are going to see the beginning of the economic recovery.

He said with the approval from the IMF, Ghana would be in a stronger position to make other arrangements that would help bring back the country’s economy to a more stronger position.

“As God would have it, today is a special day for Ghana and at long last, our various issues with the IMF has been completed. Today we’ve been informed that the last hurdle towards our agreement with the Fund have been overcome,” he told the delegation.

President Akufo-Addo said the Paris Club met today (Friday 12th) in Paris in a meeting following the Creditors Committee co-chaired by China and okayed and approved Ghana’s request of the IMF, “with very strong words behind the approval.”

With this good news of financial assurances from the Country’s major external creditors, the President disclosed that, hopefully, next week Wednesday, the IMF Board would meet and a final approval to the Ghana’s demand would be given.

On Friday 12th, the creditor committee for Ghana formed by countries with eligible claims on Ghana formally established Friday 12th May, 2023 and co-chaired by China and France in a press statement said it “supports Ghana’s envisaged IMF upper credit tranche (UCT) program and its swift adoption by the IMF Executive Board to address Ghana’s urgent financing needs.”

The creditor committee in the press release said it “encourages Multilateral Development Banks (MDBs) to maximise their support for Ghana to meet its long-term financial needs.

“Consistent with their national laws and internal procedures, creditor committee members are committed to negotiate with the Republic of Ghana terms of a restructuring of their claims to be finalised in a Memorandum of Understanding (MoU), in accordance with the “Common Framework for Debt Treatments beyond the DSSI”.

The creditor committee, stated in the press release that they had examined the macroeconomic and financial situation of Ghana, including its long-term debt sustainability, and its formal request for a debt treatment under the “Common Framework for Debt Treatments beyond the DSSI” endorsed under the Saudi G20 Presidency in November 2020, which was also endorsed by the Paris Club.

“Consequently, the creditor committee urges private creditors and other official bilateral creditors to commit without delay to negotiate with Ghana such debt treatments that are crucial to ensure the full effectiveness of the debt treatment for Ghana under the Common Framework,” it ended.

President Akufo-Addo acknowledged the sacrifices Ghanaians had made last year and the difficulties the country is going through, adding: “we going to see the beginning of the economic recovery.”

He appealed the the leadership of the Catholic Bishops Conference continuous support and expressed his gratitude for the encouragement he had received from them over the years, especially in this difficult times.

He commended the Christian community for their immense contribution to the country–Education, health, water and sanitation and other social interventions.

Their selfless work, according to President Akufo-Addo is so-enormous to the welfare of Ghanaians “that even if the President is not a Christian and a half-Catholic just as I am” it is imperative that they Christian Community should be commended for the efforts.

A delegation from the Ghana Catholic Bishops Conference called on the President to pray for him and strengthen him especially in this difficult economic times “as he Shepherd this nation, carrying it through a very challenging times.”

They believe that “we should not call on the President only when there are matters to be discussed or being up issues for solutions, but occasionally pop in and to say hello Mr President How are you doing.”

Led by its president, Most Rev. Mathew Gyamfi also took opportunity of the visit to present to the President, three newly ordained Bishops whose ordination the President attended.

They are: Most Rev. Kwabena Luwee, Auxiliary Bishop of achdiocese of Accra, Most Rev. Anthony Narh Asare, another Auxiliary Bishop of Aachdiocese of Accra, and Most Rev Nkuwa Boateng to replace retired Most Rev. Joseph Kwaku Assien as Bishop of Wuoso, in the Ahafo Region.

Most Rev Gyamfi commended the President for his extraordinary commitment especially in the last 5 month “as we wonder you are able to have time to our numerous invitations and we thought we should say special thanks to you.”

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