The government is scheduled to engage the International Monetary Fund (IMF) to provide support for a programme to reverse the economic challenges faced by the country, Minister of Information Kojo Oppong Nkrumah, has revealed.
The country is faced with high debt, low revenue, rising inflation, steep depreciation of the cedi against other major currencies and a general rise in the cost of living attributed to external factors such as the Russia-Ukraine war and the COVID-19 pandemic.
The government had indicated that it wasn’t considering a programme from the Bretton Wood institution after 16 bailouts from past governments.
However, after a Cabinet meeting on Thursday, 30 June 2022, President Akufo-Addo has given the green light for interactions to commence.
“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 Georgievs, conveying Ghana’s decision to engage with the Fund,” a statement issued by Mr Oppong Nkrumah said on Friday, 1 July 2022.
“The engagement with the IMF will seek to provide 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 crises.”