IMF Bailout: US To Approve Ghana’s Request for Economic Aid At Board Level (Video)

IMF Bailout: US To Approve Ghana’s Request for Economic Aid At Board Level (Video)

  • The US Ambassador to Ghana, Virginia Palmer, has assured the US will back Ghana's urgent need for financial aid from the IMF
  • She said her government will approve Ghana's request for an economic bailout at the Board level to help uplift the nation from its economic turmoil
  • The Government of Ghana and the Fund are expected to reach a staff-level agreement on the $3 billion loan deal before the close of 2022

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The US Ambassador to Ghana, Virginia Palmer, has assured that her government will support Ghana's request for an economic bailout from International Monetary Fund, IMF.

Speaking to JoyNews, she said the US will support Ghana at the Board level as Ghana's economic turmoil requires IMF assistance.

Palmer was explaining how the US government intends to cooperate with Ghana to move the West African nation's economy out of recession.

US Ambassador to Ghana speaks on IMF bailout for Ghana.
Photos of the US Ambassador to Ghana and Ghana's Finance Minister. Credit: JoyNews/Ghanaweb.
Source: UGC

Virginia Palmer agrees Ghana's economic crisis requires IMF assistance

''[Ghana's] current economic crisis requires IMF assistance, I think. That's why those international financial institutions were created. So we've urged the Government of Ghana to negotiate with the IMF with urgency. And as a board member, we'll support those programmes,'' she said.

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Ghana's falling foreign reserve has compelled the Finance Ministry to roll out a debt exchange programme as part of moves to uproot the country from the economic turmoil.

The Government of Ghana and the IMF are expected to reach a staff-level agreement on the $3 billion loan deal before the close of 2022.

Ghana will have access to the much-needed finance from the Bretton Woods institution following a board-level approval.

Watch the video below:

Ghana-IMF to Reach Staff-Level Agreement Programme

Not long ago, YEN.com.gh reported that the Government of Ghana and the International Monetary Fund (IMF) will agree on a Staff-Level Agreement Programme to lift the country from its economic doldrums.

Both parties will be working expeditiously to attain the program's goal by the end of the year.

The government and the Fund concluded on a clear path toward a Fund-supported Programme at the annual meetings of the World Bank and the IMF in Washington DC to continue negotiations for Ghana's post-covid programme for economic growth.

IMF Bailout: Kennedy Agyapong Sad over Government's Decision to Ask for Economic Support

Meanwhile, YEN.com.gh previously reported that Assin Central legislator, Kennedy Ohene Agyapong, has expressed sadness over the government's decision to seek economic aid from the International Monetary Fund (IMF).

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Source: YEN.com.gh

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