{"id":125594,"date":"2023-11-30T04:04:45","date_gmt":"2023-11-30T04:04:45","guid":{"rendered":"https:\/\/www.ghanamma.com\/2023\/11\/30\/imf-deal-negotiations-with-international-creditors-hit-deadlock-ato-forson-claims\/"},"modified":"2023-11-30T04:04:45","modified_gmt":"2023-11-30T04:04:45","slug":"imf-deal-negotiations-with-international-creditors-hit-deadlock-ato-forson-claims","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2023\/11\/30\/imf-deal-negotiations-with-international-creditors-hit-deadlock-ato-forson-claims\/","title":{"rendered":"IMF deal: Negotiations with International creditors hit deadlock &#8211; Ato Forson claims"},"content":{"rendered":"<br><div id=\"article-text\">\n                        \n\n                        \n<p class=\"wp-block-paragraph\">The Minority in Ghana&#8217;s Parliament has raised concerns about a reported deadlock in the negotiations for the second tranche of a $3 billion credit facility from the International Monetary Fund (IMF).<gwmw style=\"display:none;\"\/><gwmw style=\"display:none;\"\/><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Dr Cassiel Ato Forson, leader of the Minority caucus, disclosed that a disagreement has arisen between the government and the International Creditors&#8217; Committee.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The disagreement revolves around the cut-off point for external debt in the debt restructuring process, a critical factor for securing the next tranche of $600 million from the IMF.<\/p>\n\n\n\n<iframe loading=\"lazy\" src=\"https:\/\/drive.google.com\/file\/d\/1znDLAR0H1S5lluvJkR3md1l-GKXgiD-p\/preview\" width=\"640\" height=\"480\" allow=\"autoplay\"><\/iframe>\n\n\n\n<p class=\"wp-block-paragraph\">These claims were made by the Ajumako-Enyan-Essiam MP and former Deputy Finance Minister during his concluding remarks on the 2024 budget debate in Parliament on Wednesday, November 29, 2023.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The alleged stalemate raises questions about the progress and consensus in the negotiations between Ghana and the IMF for the financial assistance package.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cMr Speaker, it will interest you to know that there is a deadlock in the negotiation between Ghana and the International Creditors&#8217; Committee (ICC) made up of China and the Paris Club 50. There is a major disagreement on the cut-off point, regarding the external debt that must be excluded from the restructuring. Mr Speaker, I do not need to sound the alarm that at this point, Ghana is between a rock and a hard place.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cGhana will need to decide either to accept the cut-off date as proposed by the International Creditors&#8217; Committee and get the IMF Board to approve our USD600 million second tranche or refuse to accept.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Dr Forson clarified that if Ghana agrees to the cut-off point proposed by the International Creditors&#8217; Committee (ICC), it would result in more debt being excluded from the ongoing debt restructuring.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Consequently, this would require the immediate inclusion of that excluded debt in the budget to facilitate its servicing.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cThe moment we begin the servicing of our external debt, everything in this budget will change.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ghana obtained a $3 billion bailout package from the International Monetary Fund (IMF) to address the challenges of a struggling economy marked by high debt, inflation, and a depreciating currency.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The initial installment of $600 million from the Bretton Woods Institutions has already been received by the country.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In October 2023, the IMF announced that it was awaiting the results of Ghana&#8217;s discussions with its bilateral creditors before disbursing the next installment of the $3 billion bailout package.<gwmw style=\"display:none;\"\/><\/p>\n\n                <p><strong>DISCLAIMER: <\/strong>The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.<\/p>      \n                <!-- Post Tags -->\n                \n\n                         \n                                             \n                    <\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Minority in Ghana&#8217;s Parliament has raised concerns about a reported deadlock in the negotiations for the second tranche of a $3 billion credit facility from the International Monetary Fund (IMF). Dr Cassiel Ato Forson, leader of the Minority caucus, disclosed that a disagreement has arisen between the government and the International Creditors&#8217; Committee. The [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":23465,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16],"tags":[],"class_list":["post-125594","post","type-post","status-publish","format-standard","has-post-thumbnail","category-politics"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>IMF deal: Negotiations with International creditors hit deadlock - Ato Forson claims - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2023\/11\/30\/imf-deal-negotiations-with-international-creditors-hit-deadlock-ato-forson-claims\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IMF deal: Negotiations with International creditors hit deadlock - Ato Forson claims - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"The Minority in Ghana&#8217;s Parliament has raised concerns about a reported deadlock in the negotiations for the second tranche of a $3 billion credit facility from the International Monetary Fund (IMF). Dr Cassiel Ato Forson, leader of the Minority caucus, disclosed that a disagreement has arisen between the government and the International Creditors&#8217; Committee. 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