President Akufo-Addo’s government is set to start discussions with the International Monetary Fund (IMF) for a bailout following severe challenges to Ghana’s economy.
This announcement was made known in a statement issued by the Information Ministry today, Friday, July 1, 2022.
The Information Ministry explained that this decision was taken at a meeting on June 30, 2022.
“The President of the Republic, Nana Addo Dankwa Akufo-Addo, has authorised Finance Minister Ken Ofori-Atta to commence formal engagements with the International Monetary Fund (IMF), inviting the Fund to support an economic program put together by the Government of Ghana.”
“This follows a telephone conversation between the President and the IMF Managing Director, Miss Kristalina Georgievs, conveying Ghana’s decision to engage with the Fund,” the statement noted.
“The engagement with the IMF will seek to provide a balance of payment support as part of a broader effort to quicken Ghana’s build back in the face of challenges induced by the Covid-19 pandemic and, recently, the Russia Ukraine crisis.”
Ghana’s economy is currently in dire straits with worsening public debt, rising inflation, fuel prices, and cedi depreciation among others.
However, during their previous election campaign, the New Patriotic Party(NPP) promised Ghanaians not to vote for the National Democratic Congress (NDC) as they aimed to take the country to the IMF.
Source: Mybrytnewsroom.com/Solomon Nartey
