The recent approval of the $3 billion Extended Credit Facility (ECF) by the International Monetary Fund (IMF) board has garnered immense appreciation for Ambassador H.E. Dr. Winfred Nii Okai Hammond from not only Ghana’s Finance Minister but also from Vice President Dr. Mahamudu Bawumia.
The ambassador’s leadership in engaging with the Chinese government and subsequent involvement played a pivotal role in securing the IMF bailout for Ghana.
The Finance Minister, along with Vice President Dr. Mahamudu Bawumia, expresses profound gratitude to Ambassador H.E. Dr. Winfred Nii Okai Hammond for his instrumental role in leading the engagement with the Chinese government.
The ambassador’s efforts paved the way for meaningful collaboration, which contributed to the successful approval of the IMF bailout for Ghana. Both the Finance Minister and the Vice President acknowledge and appreciate Ambassador Hammond’s unwavering commitment to Ghana’s economic development.
The approved staff-level agreement, reached on the 17th of this month, demonstrates Ghana’s steadfast dedication to implementing economic policies and reforms aimed at restoring macroeconomic stability, ensuring debt sustainability, and fostering inclusive recovery. With the assistance of the IMF funding, valued at approximately $3 billion over a three-year period, Ghana is poised for a significant economic transformation.
As Ghana prepares to embark on its economic transformation journey, the Finance Minister and Vice President extend their profound gratitude to Ambassador H.E. Dr. Winfred Nii Okai Hammond for his pivotal role in leading the Chinese government delegation and subsequent engagements. The ambassador’s tireless efforts have been instrumental in facilitating Ghana’s successful collaboration with the IMF, ultimately leading to the approval of the $3 billion bailout.
The collaborative proposal between the Chinese government, the Ghana Embassy in China, and the IMF, which seeks to strengthen Ghana’s economic reforms, is currently being refined and will be submitted for consideration.
This proposal encompasses key areas of cooperation, including financial support, debt restructuring, investment promotion, trade facilitation, and technical expertise and knowledge sharing.
The Finance Minister, Vice President, in collaboration with the Ghana Embassy and other stakeholders, will continue to work diligently to finalize and present the collaborative proposal to the Chinese government and the President of Ghana for further consideration.
The proposal aims to harness the combined strengths of the Chinese government, the Ghana Embassy, and the IMF to accelerate Ghana’s economic stability, drive sustainable growth, and uplift the nation’s prosperity.
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