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IMF bailout: "BoG Needs $3bn To Shore Up Cedi" – Kojo Oppong Nkrumah

The Information Minister, Kojo Oppong Nkrumah, says the Bank of Ghana (BoG) needs about $3 billion to shore up its buffer.

Out of the figure, he says there is already $1 billion available.

“Already, you recall that the Finance Minister initially indicated that there were arrangements to get about $2 billion, out of which there is $1 billion available. Parliament has to approve for us to receive so that the cedi does not depreciate further.

“We have a shore up of our reserves to be able to meet the liquidity and debt servicing obligations even as our domestic measures will get better. You have the window to start talking to the Fund,” he said in an interview on The Probe on Sunday, July 3.

He stated that considering Ghana’s quota and macroeconomic data, it is possible for the country to get that money to help shore up its reserves.

As a result, government may be able to meet its liquidity and debt service obligations and also boost domestic revenue measures.

“Today [Sunday, July 3], I saw a document that said looking at Ghana’s quota and our macroeconomic data, we could get anything, maybe around $2 billion to help shore up what we are looking for,” he told host, Emefa Apawu.

The Ofoase Ayirebi lawmaker acknowledged that Ghana’s current challenges are multifaceted; hence, “we need to rally round and draw from various sources – capital market, the Fund, domestic resource mobilisation.”

He explained, “Even when you borrow, you are going to service it with domestic resource mobilisation so the earlier we confront it, the better as well as the other challenges.”

Meanwhile, a former Finance Minister, Seth Terkper, has asked government to make public the specific support programme it is seeking from the Fund.

He spoke in an interview on Joy FM‘s Super Morning Show on Monday, July 4, 2022.



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