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Ken Ofori-Atta Meets Svenja Schulze for Ghana-German Bilateral Meetings

Ken Ofori-Atta Meets Svenja Schulze for Ghana-German Bilateral Meetings

Accra, 22nd February 2023 - The Minister for Finance, Hon. Ken Ofori-Atta has held bilateral meetings with a German delegation, led by Ms Svenja Schulze, the German Federal Minister for Economic Cooperation and Development (BMZ).

The meeting, which was to deepen Ghana-German relations, was used to discuss the role of the KfW Development Bank in supporting Ghana in its post debt restructuring to ensure economic stability and sustainable growth.

The two countries also discussed structural changes in the energy sector and ways to make it more sustainable to support the economy as well as improving regional security to augment cross border trade. Mr. Ofori-Atta informed the visiting Minister that Ghana had successfully reached Staff-Level Agreement (SLA) with the International Monetary Fund (IMF).

The SLA is on economic policies and reforms to be supported by a new three-year arrangement under the Extended Credit Facility (ECF) of about US$3 billion in December 2022.

He indicated that the parties had agreed on structural reform benchmarks, prior actions, performance criteria on key macro-fiscal indicators and the finalization of the Memorandum of Economic and Financial Policies (MEFP). 

He said that the success of the country’s debt restructuring programme, which would require external support from countries like Germany, was critical for Ghana’s programme to be considered at the IMF Executive Board.

Mr. Ofori-Atta also stated that all prior actions have been satisfied and the Government was hopeful that it would get an IMF Board approval in March or early April.

The KfW team said they were ready to partner with the Development Bank Ghana, to be an advocate for setting up a creditors committee and the Ghana Stabilization Fund.

The German Minister assured the Minister for Finance that Germany was ready to engage other Development partners yet to sign on to the creditors committee during the G20 Finance Ministers’ meeting scheduled to take place end February.

Present at the meeting were a Deputy Minister for Finance, Hon. Abena Osei-Asare, Ambassador Daniel Krull, German Ambassador to Ghana, Ms. Birgit Pickel, Director, Africa and Ghana, Mr. Dirk Meyer, Director, Economic Cooperation and private sector, supply chains, working conditions Ms Franziska Jabens, Head of Cooperation, German Embassy, Dr. Patrick Nomo, Chief Director of the Ministry of Finance, and other Officials of the Ministry. END