IMF responds to Ghana’s request for economic bailout

International Monetary Fund (IMF)
International Monetary Fund (IMF)

The International Monetary Fund (IMF) has responded to the Republic of Ghana’s request for economic bailout.

In statement, management of the International Monetary Fund said, they can confirm that, Ghana officials have been in touch to request IMF support for a homegrown economic program.

The IMF Spokesperson explained that, the Fund stands ready to assist Ghana and looks forward to starting initial discussions in the coming weeks.

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On 1st July, 2022, President Nana Addo Dankwa Akufo-Addo, has authorized Finance Minister Ken Ofori-Atta to commence formal engagements with the International Monetary Fund (IMP), inviting the Fund to support an economic
program put together by the Government of Ghana.

This follows a telephone conversation between the President and the IMF Managing Director, Miss Kristalina Georgieva, conveying Ghana’s decision to engage with the Fund.

After meeting on June 30th, 2022, cabinet indicated its support for the decision.

In a statement issued by the Information Minister Kojo Oppong Nkkumah (MP), 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.

SOURCE: Coverghana.com.gh

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