A four-member International Monetary Fund (IMF) team is in Ghana today to help finalize a bailout program for the Ghanaian government.
The Governor of the Bank of Ghana Dr.Henry Kofi Wampah, who disclosed this said most of the discussion with the Washington based lender had already been “concluded” and government is “firm” a program is on the books.
The four member IMF technical assistance team is already in the country to help the Central Bank improve the monetary policy making process including the governance and communication issues.
President John Mahama recently said Ghana would secure the bailout program before close of March, after several failed timelines in the past.
The presidential advisory group on the economy on February 12, met with President Mahama to review ongoing negotiation with the IMF.
The Director of the Communications Department at the IMF, Gerry Rice described as good progress efforts to clean up Ghana’s payroll before a bailout program is finalized.
In a press briefing in Washington D.C. on February 5, he said “I can furthermore say that we believe good progress has been achieved in recent weeks on the plan to clean up the payroll, finalize the remaining details of the government’s medium-term reforms, as well as firm up financing assurances for the possible program.” He said.
According to some financial analysts, the IMF program has stalled due to concerns with Ghana’s bloated payroll and the negative impact of the declining price of crude oil on government project revenue.
African Eye News.com
