Source: newsthemegh.com
The International Monetary Fund’s (IMF) Abebe Aemro Selassie, Director of the African Department, has announced that Ghana has taken the required actions to obtain the long-awaited financial assurance from its foreign creditors.
He also said that the IMF is waiting for bilateral creditors’ responses with patience.
“I have to tell you that while it took Zambia about nine months or more to get the official creditor committee to be created, in Ghana’s case, it was fairly rapid,” Mr. Selassie said during a press conference after the release of the Africa’s Regional Outlook Report at the Annual IMF/World Bank meetings in Marrakesh, Morocco. Ghana has contributed fairly, and now the creditors must act.
We won’t be asking the government to make further adjustments, he continued, because creditors haven’t either. To enable creditors to take action and enable us to appear before the Board as quickly as feasible, we will submit all the information required.
Prior to that, Ghana’s Finance Minister Ken Ofori-Atta had revealed that the Memorandum of Understanding (MoU) for the restructuring of the nation’s bilateral external loans had obtained assurances from both China and France.
He cited China’s comparable collaboration with other nations like Zambia, Sri Lanka, and Suriname to argue that China has no hesitation in taking an active role in the restructuring of bilateral external loans.
In order to better serve the developing countries, Mr. Ofori-Atta suggested that the IMF expand the global financial safety net during the annual IMF/countries Bank meetings in Marrakesh. He stressed the necessity for radical reforms in the global financial architecture.
He praised Kristalina Georgieva, the managing director of the IMF, for her transformational leadership while promoting changes to guarantee that organizations like the IMF are effectively mandated, financed, and managed to have a transformational impact.