A team from the International Monetary Fund(IMF) is likely to arrive in Ghana on Wednesday, July 06, 2022, to begin talks on the West African nation’s economic bailout.
The maiden meeting will focus on the modalities for a package to support Ghana’s economy.
Ghana is seeking the support of the International Monetary Fund (IMF) to help address the country’s economic woes.
A Press Statement issued by the Information Ministry said: “The President of the Republic, Nana Addo Dankwa Akufo-Addo, has authorized 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 Georgieva, conveying Ghana’s decision to engage with the Fund.
Meanwhile, the decision has the full backing of Cabinet following a meeting held on June 30th, 2022.
Ghana’s economy is in bad shape with fiscal slippages, weakened forex reserves, inflation and exchange rate getting worse by the day.
Fuel and food prices are hitting records high, while the local currency has lost over 30 percent of its value since the turn of 2022.
The country’s last programme, an Extended Credit Facility with the Bretton Woods institution, ended on April 2, 2019.
The programme resulted in significant macroeconomic gains with rising growth, but four years down the line, the economy is gasping for breath.