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Gov’t Facing Daunting Choices In Debt Restructuring

IMANI-Africa claims that the government must make difficult decisions on the impending restructuring of its sovereign debt.

According to the policy think tank, developing confidence along this road would require strong leadership.

“Like all burdens, this one too will become lighter if it is shared collectively by those it affects, the people of Ghana. No time is better than now for the government to show its mettle in dispelling mounting scepticism and cynicism about its commitment and capability to get the debt crisis response right.

“Failure will have consequences too dire to contemplate,” IMANI said in its preliminary findings from an analysis of a potential sovereign debt restructuring in Ghana.

Ahead of the 2023 budget, the government is prepared to sign a deal backed by the IMF, according to Finance Minister Ken Ofori-Atta.

The 2023 budget will be presented in November, according to Mr. Ofori Atta, who spoke to the media in Accra on Wednesday. This gives the government less than two months to finalize an agreement with the Washington-based lender.

“We simply have not reached any agreement with the Fund on the parameters of any debt operations as we are in the process of completing the debt-sustainability analysis,” he noted.

To expedite talks with the IMF for up to $3 billion to support its economic plans, Ghana will begin to engage with domestic and international investors.

The minister stated that in the upcoming days, the government will release the names of the five members of the committee created to facilitate discussions for national consensus building.

The administration is pressed for time as important components of the IMF program are expected to be reflected in the budget for the next year.

 

Content created and supplied by: Kritiq (via Opera News )

Ghana IMANI IMANI-Africa IMF Ken Ofori-Atta

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