‘Ghana likely to reach Staff Level Agreement with IMF by Tuesday’

Professor of Finance at Andrews University in the United States, Peprah Williams, has expressed optimism that Ghana is likely to reach a Staff Level Agreement with the IMF before negotiations between both sides comes to an end on Tuesday, December 13.

Speaking in an interview on Friday, December 9, 2022, Prof Peprah Williams noted that government has so far been transparent with the IMF on its debt situation and even going as far as implementing the Debt Exchange Programme, the reason for which he believes the government will be able to reach a Staff Level Agreement with the IMF.

Speaking further in the interview, Prof Peprah Williams however urged the government to be transparent with financial institutions in the country, about its negotiations with the IMF.

Particularly given the fact that financial institutions are the ones to implement the government’s debt exchange programme.

“The IMF Staff Mission to Ghana leaves in the next four days, but I believe that the possibility of government reaching a Staff-Level Agreement with the IMF is very likely.

“But I must however, advise government to be transparent to financial institutions about its negotiations with the IMF, because most of the financial institutions don’t know what the government is doing as far the negotiations are concerned,” he remarked.

An International Monetary Fund (IMF) staff team, led by Stéphane Roudet, mission chief for Ghana, is currently in Accra.

The IMF team who landed in Accra on December 1 and are expected to leave the country on December 13, are in Ghana to continue discussions with the authorities on the country’s post-COVID program for economic growth and associated policies and reforms that could be supported by a new IMF lending arrangement.

Prior to the visit, Mr Roudet in a statement said, “We have had productive discussions with the Ghanaian authorities over the last few months and look forward to our engagement in Accra.

“Our objective for this visit is to make further progress toward reaching agreement on policies and reforms that could be supported by an IMF lending arrangement.

“The IMF remains fully committed to help Ghana restore macroeconomic stability, bring relief to Ghanaians in this time of crisis, and lay the foundation for more inclusive growth.”

Ghana is currently seeking a $3bn Balance of Payment support programme from the IMF.

Ashantibiz