President Akufo – Addo  has authorized an IMF bailout Move

President Nana Addo Dankwa Akufo-Addo, has 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.

A statement issued by the Ministry of Information stated  that the move comes after  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 statement said. The statement also explained that the engagement with IMF will provide  balance of payment support to Ghana.

“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”.

Ghana heads back to the IMF just over three years after exiting the programme in December 2018.

Ghanaians in recent months have been feeling the pinch of record inflation and the impact of the Russia-Ukraine war amid cuts in government spending to avoid a full-blown debt crisis.

 

Bainamultimedia/ Khadijahtu Kubura Kailani

 

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