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.