IMF Bailout: Top Officials Storm Ghana On July 6 To Assess Ghana’s Economy And Decide Suitable Programme

IMF Bailout: Top Officials Storm Ghana On July 6 To Assess Ghana’s Economy And Decide Suitable Programme

  • Ghanaian officials are set to meet top officials from the International Monetary Fund (IMF) this week for the start of official negotiations for a bailout programme
  • Top IMF officials are expected to arrive in Ghana on July 6, 2022, for discussions that are expected to be heavy on the appropriate support to extend to the troubled economy
  • High public debt, rising inflation and depleting foreign reserves have destabilised the balance of payment, forcing Ghana to make a U-turn to the IMF

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A high-powered delegation from the International Monetary Fund (IMF) is expected in Ghana this week to access the government’s request for a bailout programme.

Ken Ofori-Atta and Kristalina Georgieva
L-R: Ken Ofori-Atta, Ghana's Finance Minister and Kristalina Georgieva, IMF Managing Director. Source: Getty Images
Source: Getty Images

Sources say senior officers from the Fund and local staff will meet a team from Ghana’s Ministry of Finance on Wednesday, July 6, 2022, to begin negotiations with the government on the economic support it is seeking.

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According to reports sighted by YEN.com.gh, the visit by the IMF team to Ghana would be heavy on the appropriate support to extend to Ghana’s troubled economy.

President Akufo-Addo last week made a surprise U-turn when he directed Finance Minister Ken Ofori-Atta to begin formal engagements with the International Monetary Fund (IMF) for an economic programme.

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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.

Akufo-Addo and his appointees heavily criticised IMF programmes in the past, describing them as the outcome of poor economic management.

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YEN.com.gh reported in a previous story that the decision by the Nana Akufo-Addo-led administration for an International Monetary Fund (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.

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

They criticised former President John Mahana when sought financial support from the IMF in 2015. With his finance minister at the time, Seth Terkper, they were bashed by the then opposition New Patriotic Party (NPP).

President Akufo-Addo tweeted in 2015 that Ghana was going to the IMF despite its rich oil fields.

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He tweeted on April 19, 20215 as follows:

"For the first time in #history, an oil rich country, some five years into oil production, is seeking a #bailout from the #IMF."

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Source: YEN.com.gh

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