Ghana is hopeful of bringing to an end the current discussions with the International Monetary Fund (IMF) to get the aid of the fund by March .
This is on the grounds that the issues encompassing the domestic debt exchange program, one of the prerequisites, has been “practically closed”, making ready for the country to go the full hoard.
President Nana Addo Dankwa Akufo-Addo gave this assurance when he had conversations with the visiting German Government Minister of Finance , Christian Lindner last Friday at the Jubilee House in Accra.
He noted the fundamental worries of the government incorporate the most common way of closing discussions with the IMF, as well as the particular help that would assist Ghana with fast-tracking the process of its economic recovery.
“We have proactively moved forward in finishing up a staff level agreement with the IMF. One of the means was the domestic debt exchange program which experienced a ton of trouble; however it has now been practically come to an end.
“We are currently looking towards going the full hoard and closing the arrangement. We’re trusting that will be finished by the middle of March ,” President Akufo-Addo said.
Germany’s Financial Minister was in Ghana for bilateral discussions with the government and the business communities and furthermore to guarantee Ghana of Germany’s support to assist Ghana with escaping its ongoing economic difficulties.
He was joined by an escort comprised of technocrats and Individuals from Parliament of Germany’s government Parliament, the Bundestag.
Mr Lindner said the assignment was in the nation on the grounds that despite the fact that they saw economic challenges in Ghana, they accepted they could be transformed into potential open doors for respective exchange.
He said he had proactively had productive and useful exchanges of perspectives with his Ghanaian partner, Ken Ofori-Atta, on the current situation and how Germany could be of help to overcome what is happening.
After months hypothesis, Ghana, on July 1, 2022, declared that it was going to the IMF to look for financial support.
Thusly, the public government, in December 2022, arrived at a staff-level agreement with the fund as part of processes paving way for possible bailout.
President Akufo-Addo embraced the pledge by Germany to assist the country with overcoming its current economic challenges and engaged the German government to extend its helping hand in that manner .
He noted it was pertinent to reemphasize that one of consideration was financial stability fund that had been promised Ghana, which was one of the critical results of exchanges, and said the voice of the German government was required in attempting to create that.
He was glad that Germany was ready to help in such manner.
“We depend on Germany, as one of our privileged partners , in Europe as well as in the world. I’m satisfied to hear the assertion of eagerness to give your very best for help us in the troublesome financial circumstance in which we are,” the President underscored.
Security
President Akufo-Addo likewise lauded Germany for giving military help to West Africa to think about the Jihadist uprisings, a move he depicted as “extremely concrete and exceptionally satisfactory”.
“We need to track down an approach to getting the uprising West Africa to a nearby. In the event that we don’t, this large number of different things that we believe should do to foster our general public and economy will be undeniably challenging. It is evoking a lot of resources that we can barely manage and are presently being redirected for security, support and initiatives ,” he added.
He said the increasing activities of the extremists were upsetting the whole region , with Ghana straightforwardly in the line of fire on the grounds that Burkina Faso was its northern neighbor.
The President said over the most recent six weeks, in excess of 4,000 individuals from Burkina Faso had taken shelter in Ghana, saying those were the ones the evacuee board could authoritatively count, with a lot more unaccounted for.
Ghana needs assistance
Mr Lindner emphasized the call he had made before for a International credit committee to help Ghana.
Prior, at a joint public interview with Mr Ofori-Atta, Mr Lindner had, said he had likewise met Ghanaian business leaders and directors of financial institutions on how “Germany can be of help to Ghana to defeat what is going on”.
He pushed for establishment of an international credit committee of trustees under the common framework to assist Ghana with restructure its debt .
“For Germany, it is crucial to see a fair weight dividing between all creditors. We need a creditor committee of trustees straightaway. I might want to approach all creditors to join the endeavors as quickly as could really be expected,” he said, and reminded China, Ghana’s biggest respective exchanging partners of its debt as a significant reciprocal lender to partake in the program.
“We need to find new ways to deal with the over indebtedness of low-income nations and the common framework is important for this arrangement and Germany will assume its part,” he said.
The German Financial Minister said in spite of the fact that Ghana was encountering economic difficulties, Germany was hopeful that it will very well be transformed into valuable open doors for bilateral trade and development and accordingly focused on the requirement for Ghana to be upheld.
“We presently have the relations with the Paris Club, the common framework. We are searching for, as fast as could really be expected, a panel to be laid out, so we will have a body with whom we can draw in to achieve those discussion as fast as could really be expected,” he added.
Mr Lindner furtherhllkk demonstrated that the dependability andl security of the West African region was fundamental for security in Europe, thus Germany would offer help to keep the sub-region stable and secure.
Source : Daily Graphic