Delayed assurance from Ghana’s external creditors hindering IMF approval – Abebe Aemro Selassie

Abebe Aemro Selassie, the director of the IMF’s Africa Department, has revealed that all requirements have been completed by Ghana for the executive board to approve its request for a program, with the exception of financial assurance from external creditors.

He maintained that “we are now comfortable that all of the measures required for us to present the program to our Executive Board are complete, except for the required financing assurances from Ghana’s external creditors.”

Mr. Abebe stated that the staff will move swiftly to submit Ghana’s programme request to the executive board for approval as soon as Ghana obtains this finance certainty from the external creditors.

He added “And we are now comfortable that all of the measures required for us to present the program to our Executive Board are complete, except for the required financing assurances from external creditors.”

The IMF African Department Director disclosed this in response to a question posed by JoyBusiness in Washington DC USA at the launch of the Regional Outlook Report for Africa.

He therefore entreated Ghana’s creditors to fast-track negotiations by providing the financing assurance needed so the IMF can go to the board for Ghana’s programme approval.

“This is why we are also urging creditors to step forward and provide the financing assurances needed for us to present the program to the Board as soon as possible.

The IMF Africa Boss noted that they are very optimistic and keeping their fingers crossed this will happen in the next few weeks.

Asked about government’s commitment to the programme, Mr Abebe noted that “We are very encouraged by the steps that the government has taken over the last several months since the program request.

He also added that Government has taken several measures that support the programme approval by the board .

“It’s been a very difficult time of course, very difficult, very significant, measures that have had to be taken, and the initial steps that the government has taken are very encouraging.”

“Again, to look  back to where I started, we’re very comfortable where –- with all the steps that Ghana has done” he added.