With inflation nudging 30%, high public debt and the country's currency losing value against the US dollar, Ghana is turning to the International Monetary Fund for support. The government blames the Covid-19 pandemic and Russia's invasion of Ukraine.
Ghana has officially contacted the International Monetary Fund to seek financial support.
In a statement, President Akufo-Addo, said he had authorized 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.
The statement added that this followed a telephone conversation between the President and the IMF Managing Director, Miss Kristalina Georgieva, conveying Ghana’s decision to engage with the Fund.
At a meeting on June 30th, 2022, cabinet indicated its support for the decision.
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, according to the statement from the presidency.
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| President Akufo-Addo |
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