President Akufo-Addo has authorised the Minister for Finance, Ken Ofori-Atta to commence formal engagements with the International Monetary Fund (IMF).
A statement signed by the Information Minister, Kojo Oppong Nkrumah said “This follows a telephone conservation between the president and the IMF managing director, Kristalina Georgieva, conveying Ghana’s decision to engage with the Fund”
“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,” the statement added.
Read the full statement below:
With domestic revenue mobilization not performing to budgetary expectations, coupled with the inability to raise money from the international capital market due to the downgrade of the economy by credit rating agencies, some experts have suggested to the government to seek the support of the International Monetary Fund (IMF).
In a recent post on twitter, Gabby Asare Otchere-Darko, a political strategist and member of the New Patriotic Party (NPP): “Ghana is a member of the IMF. The world is in serious crisis. Ours is not helped by our high debt and low income levels. With the economy still growing, but investor confidence low, government being compelled to cut down capital expenditures will eventually lead to job losses unless …
“We do something that will inject confidence in our capacity to ride this heavy storm, and that something should happen pretty quickly. Are you against an IMF program?
Otchere-Darko added, “I am not for an IMF programme that throws peanuts at us but imposes conditions that will end up hurting the poor, jobs and businesses more. COVID-19 and war in Ukraine are not of Africa’s doing but more to our doom. A program that pretends it is all our doing is doomed to fail.”
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