A ‘determined’ Ghana eyeing long-term finance as it prepares to leave the IMF program by the end of 2018

Ghana President Nana Akufo-Addo has said that the country is “determined never to return into the focus of an IMF Program. In order to do so, we are looking seriously at how we can secure sources of long-term finance that will allow us to deal with our infrastructural development, and also realise the vision of a Ghana beyond Aid.”

Ghana will exit the IMF arrangement, entered into by the predecessor administration, by the end of 2018. The IMF programme, which started in 2015 was extended for another year after the initial agreement ended.

President Nana Addo made this announcement during his state visit to China. He also signed eight Co-operation Agreements and Memoranda of Understanding with China, in different sectors of their respective economies.

The Agreements, signed on Saturday after bilateral talks between President Addo and the Chinese Leader, Xi Jingping, are aimed at deepening the ties of co-operation and the bonds of friendship that exist between the two countries.

The agreements are the “One belt one road Memorandum of Understanding”, “Memorandum on Regional Aviation Co-operation”, “Agreement for Co-operation in the peaceful use of nuclear energy”, and “Co-operation to carry out Maternal and Child Health Project”.

The rest are “Framework Agreement on Financing Insurance Co-operation” ($2 billion Sino-Hydro deal), “Economic co-operation on Phase 2 project of the University of Health and Allied Sciences, Ho”, “Co-operation on the expansion of the Cape Coast Stadium”, and “Co-operation on the supply of police vehicles to the Ghana Police Service.”

Speaking with President Xi Jinping, prior to the signing of the eight Agreements, President Akufo-Addo noted that the relationship between Ghana and China, over the years, had been excellent, noting that “Ghana has been a firm friend of China.”