Vice President, Dr Mahamudu Bawumia, addressed Ghanaians on the country’s decision to seek economic assistance from the International Monetary Fund (IMF).
He spoke at the Accra Business School on Thursday, 14 July 2022.
According to the Vice president, the energy sector excess capacity payments, the banking sector clean-up, the novel COVID-19 pandemic and the Russia-Ukraine war triggered the IMF bailout.
“Covid-19 expenditures alone were not the reasons for the large increase in Ghana’s debt stock by the end of 2021. If you take out the fiscal impact of this quadruple whammy, Ghana will not be going to the IMF for support because our fiscal, debt, and balance of payments outlook would be sustainable.
“Of the four factors, two (COVID-19 and the Russia-Ukraine war) were external and the other two (the banking sector clean-up and the excess capacity payments) were the result of policies of the previous government,” he said in his speech.
Find the full statement below