Loan: Debt-Sustainability Analysis Needs More Work – IMF Tells Ghana

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The International Monetary Fund, IMF, has said that talks with Ghana’s government about a potential loan programme had been constructive but that more work was needed on a debt-sustainability analysis.

The IMF made the declaration in a statement released at the weekend after the completion of its mission in Ghana.

Ghana approached the IMF for financial support in July as foreign investors dumped its debt and as street protests broke out over rocketing prices.

A team from the Fund arrived days later to begin talks on a support programme and reforms to restore macroeconomic stability and debt sustainability in the gold, oil and cocoa-producing nation.

But discussions resumed on September 26, with a mission that ended on Friday.

The IMF said in the statement that its staff would now return to Washington for further technical work including assessing Ghana’s debt sustainability.

“The discussions with the authorities will also continue in the weeks ahead. … We reaffirm our commitment to support Ghana in these challenging times,” the fund added.

Ghanaian policymakers have taken steps to address the economy’s rapid deterioration, including cutting spending and implementing aggressive interest rate hikes.

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