Ghana not to extend three-year IMF aid program
Ghana will not extend its three-year aid programme with the International Monetary Fund beyond April 2018, President Nana Akufo-Addo said on Tuesday, despite continuing fiscal difficulties.
The president’s announcement is a surprise turnaround after government officials said last month that Ghana was considering a request by the Washington lender to extend the programme to December 2018.
An extension would have reassured markets of the government’s commitment to fiscal discipline, analysts say.
Akufo-Addo said, however, the government was on target with its policy to restore growth and create private sector jobs.
“There is no question about the IMF programme being extended beyond April 2018. We want to complete it and move on,” Akufo-Addo told reporters.
The $918-million agreement was signed in April 2015 to address problems of slow growth and high public debt.
The IMF said in May that an extension was needed after Ghana failed to meet certain deal requirements on schedule.