Akufo-Addo Begs Japanese Prime Minister To Help Ghana Secure $3 Billion IMF Deal

• Ghana is desperate to secure the $3 billion loan and has appealed to the Japanese PM Fumio Kishida to help in that regard
• President Akufo-Addo told the Japanese PM that his country can help Ghana a great deal because of its influence in the Paris Club
• Akufo-Addo made the appeal when Kishida and members of a delegation from Japan visited the Jubilee House on Monday, May 1, 2023

President Nana Akufo-Addo has appealed to Japanese prime minister Fumio Kishida to support his administration's bid to secure a $3 billion loan from the International Monetary Fund (IMF).

Kishida and members of a delegation from Japan visited the Jubilee House on Monday, May 1, 2023.

“Ghana is also counting on the support of Japan to reach a favourable agreement with the International Monetary Fund which will pave way for the robust recovery of Ghana’s economy,” Akufo-Addo said.

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Japan can help Ghana because of its influence in the Paris Club

President Nana Akufo-Addo said that as a member of the Paris Club, Japan has a key role to play in Ghana's quest for the critical IMF loan.

The president disclosed that Kishida is the second Japanese PM to visit Ghana.

"The first Japanese Prime Minister to visit Ghana was His Excellency Junichiro Koizumi, seventeen years ago, in 2006, when I was Foreign Minister in the NPP government of President John Agyekum Kufuor. I am happy H.E. Kishida is the second Prime Minister to visit Ghana at a time when another New Patriotic Party-led government is in office," the president disclosed.

Ghana reaches staff-level agreement with IMF

In December 2022, Ghana agreed on a $3 billion credit deal with the International Monetary Fund as part of the country's battle to end its worst economic crisis in decades.

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The Ghanaian economy is facing more than about 50% inflation, growing debt and a sharp depreciation of the cedi since 2022.

The IMF has said Ghana's government had committed to a "wide-ranging economic reform programme" that will restore stability and debt sustainability.

However, the three-year IMF loan agreement has yet to be approved by the fund's board.

Akufo-Addo said Chinese cooperation would help Ghana clinch IMF deal by March

Meanwhile, YEN.com.gh reported in a separate story that Akufo-Addo on Tuesday, February 28, 2023, expressed optimism about Ghana clinching an IMF deal soon.

According to him, China’s cooperation will help the country secure the deal by the end of March.

Although that did not happen, Ghana is hopeful of China buying into its debt restructuring programme, which is a requirement for the IMF deal.

Source: YEN.com.gh