IMF Bailout: Authorities Confirm Ghana Government Has Asked For Economic Support

IMF Bailout: Authorities Confirm Ghana Government Has Asked For Economic Support

  • The representative of the International Monetary Fund (IMF) in Ghana has confirmed Ghana has indeed requested a financial programme
  • Albert Touna-Mama said the IMF will assist Ghana to restore macroeconomics stability, safeguard debt sustainability, promote sustainable growth
  • Akufo-Addo made a surprise U-turn on Friday, July 1, 2022, when he directed Finance Minister Ken Ofori-Atta to engage the multilateral institution for a financial bailout programme

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Ghana Representative of the International Monetary Fund (IMF) has confirmed that the institution has received a request from the Ghanaian government for economic support.

Albert Touna-Mama
Albert Touna-Mama is the IMF representative in Ghana. Source: Twitter/@ATounaMama
Source: Twitter

Albert Touna-Mama tweeted on Friday, July 1, 2022, that the IMF is ready to assist Ghana in restoring macroeconomic stability.

“We can confirm that the authorities have been in touch to request Fund’s support to Ghana’s own economic programme.

“The IMF stands ready to assist Ghana to restore macroeconomics stability, safeguard debt sustainability, promote inclusive and sustainable growth,” the full tweet read.

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President Directs Finance Minister To Engage IMF For Economic Programme

YEN.com.gh has reported previously that President Nana Akufo-Addo has directed Finance Minister Ken Ofori-Atta to begin formal engagements with the International Monetary Fund (IMF) for an economic programme.

The global economic disruption triggered by the Russia-Ukraine war has worsened Ghana's macroeconomy. High public debt, rising inflation and depleting foreign reserves have destabilised the balance of payment.

Economic hardship in Ghana has remained a topical national issue since the start of 2022.

Five Bad Things Akufo-Addo, Bawumia And Other NPP Gurus, Have Said About Going IMF

Also, YEN.com.gh has reported in a separate report that the decision by the Nana Akufo-Addo-led administration to seek an IMF programme for the struggling Ghanaian economy has triggered memories of their initial stance.

Ghanaians have expressed utter surprise following news that the president has directed Finance Minister Ken Ofori-Atta to begin formal engagements with the IMF for an economic programme.

In the past, President Akufo-Addo, his Vice, Dr Mahamudu Bawumia, and maverick NPP MP Kennedy Agyapong, among others, have condemned any form of IMF support.

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Source: YEN.com.gh

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