IMF pledges ongoing financial support for Ghana despite Eurobond holder disagreement

The International Monetary Fund (IMF) has assured Ghana that it will continue to provide more financing despite not reaching an agreement with its Eurobond holders. According to the IMF, it has always adjusted its policies to ensure it can support countries as efficiently as possible.

Speaking at the ongoing IMF/World Bank Spring Meetings in Washington, DC, Abebe Selassie, the African Director of the IMF, stated that the Fund is optimistic about the outcome of the negotiations between Ghana and its commercial creditors. He emphasized that while an agreement with Eurobond holders has not been reached, this will not hinder the IMF from providing additional financing.

Regarding bilateral creditors, Selassie noted that there is no Memorandum of Understanding (MOU) in place yet, but there have been intense discussions and the government is in good faith negotiations. He expressed confidence in the Ghanaian government’s ability to conclude a debt restructuring deal with its commercial creditors and hoped for a positive outcome.

Selassie concluded by stating that negotiations take time and he could not provide a timeline for the agreement. He expressed hope that the private sector creditors would approach the negotiations with a similar view.