Ghana’s IMF bailout likely to be approved on Wednesday – Prof. Bokpin

An economist, Professor Godfred Bokpin, has predicted that Ghana could clinch a Board Level Approval with the International Monetary Fund by Wednesday May 17, 2023.

According to him, the deal could be finalized following financing assurances granted by China and the Paris Club on May 12, 2023, which is required to secure an approval from the IMF Executive Board.

Speaking in an interview with Accra-based TV3, Prof. Bokpin said, “It is a very significant breakthrough for Ghana. Practically that written statement is all that the IMF has been waiting for this while.

“The detail and all of that will be worked out later but this is enough for the IMF to consider Ghana’s programme, and I think that with this assurance which has been outstanding probably by next week Wednesday [May 17] or so, Ghana could get its programme,” he is quoted by 3news.com.

Meanwhile, President Nana Addo Dankwa Akufo-Addo has given a further indication that the country could secure the IMF Board approval in the coming week.

Addressing members of the Ghana Catholic Bishop Conference at the Jubilee House in Accra on Friday, May 12, the president said, “Today is a very special day in the recent history of Ghana. At along last today, we have been informed that the last hurdle towards our agreement with the Fund has been overcome, which is that the Paris Club met today in Paris with the creditor’s committee co-chaired by China and has okayed and approved Ghana’s request of the IMF.

“It means that hopefully, next Wednesday the Board itself will meet and give final approval.”

Ghana is seeking a $3 billion loan facility from the IMF to help restore macroeconomic stability, honour balance of payments and among others.