Ghana Finance Minister encouraged in build-up to African Games

Ghanaian Finance Minister Ken Ofori-Atta met with the International Monetary Fund (IMF) and World Bank in Washington, District of Columbia, in the build-up to the delayed African Games in Accra, and was encouraged by the results.

Ghana is seeking $3 billion (£2.42 billion/€2.72 billion) from the IMF to solve their economic crisis, which, according to IMF Africa director Abebe Selassie, is in place due to the organisation’s comfortability with the steps the West African nation has taken.

Among the conditions imposed by the IMF in receiving the bailout is a pledge for the country’s Government to restructure domestic and external debt.

The country’s financial problems were one of the reasons cited for the postponement of the African Games in Accra, now due to take place from March 8 to 24 2024.

Disagreements between Africa’s sporting confederations and the African Union over marketing rights were also cited as reasons for the postponement.

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Ghana is seeking to restructure its debt as a G20-backed process is set to help them recover after defaulting last year.

Ghana’s domestic debt reportedly amounts to $19 billion (£15.4 billion/€17.5 billion), while external debt totals $36 billion (£29.2 billion/€33.1 billion).

A domestic debt exchange programme was launched earlier this year as part of the restructuring.

Ofori-Atta said it would be “a long and challenging journey” to set Ghana on a more sustainable economic path, as reported by Today News Africa, but added he was “ready to take it on for the sake of Ghana’s future.”

Although the African Games in Accra has been delayed until 2024, the African Para Games is scheduled to take place from September 3 to 12.