The
International Monetary Fund (IMF) has said it is ready to help Ghana fix its
broken economy.
Following the
announcement by the government of Ghana on Friday, 1 July 2022 that it had
started talks with the Fund for economic support, the Resident Representative
of the Bretton Wood institution, Dr Albert Touna-Mama, tweeted: “We can confirm
that the authorities have been in touch to request [the] Fund’s support to
#Ghana’s own economic programme,” he said.
“The #IMF
stands ready to assist #Ghana to restore macroeconomics stability, safeguard
debt sustainability, promote inclusive and sustainable growth; and face the
impact of the war in #Ukraine and the lingering pandemic”.
“We are
looking forward to meeting with the authorities in the coming weeks to start
the initial discussions,” Dr Touna-Mama added.
President
Nana Akufo-Addo recently directed Finance Minister Ken Ofori-Atta to begin
talks with the IMF for a bailout.
A statement
issued by Information Minister Kojo Oppong Nkrumah on Friday, 1 July 2022, said:
“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 said.
“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
crises
The economy
has been in rough waters for some time now.
Fuel prices
keep rising, the cedi keeps depreciating, inflation keeps soaring, and the cost
of goods and services and keep rising.
As of March 2022, Ghana’s total debt stock stood at GH¢391.9 billion.
Source:classfmonline