A Deputy Minister of Finance, Mr John Kumah has said an International Monetary Fund (IMF) programme will help the country to come out from the economic challenges faster.
He said the government hopes that the programme will benefit the country.
“Our objective as government is to restore confidence in the economy and rebound it from the difficulty, from the challenges, not only in Ghana but almost all economies around the world.
“We believe that where we stand now, an IMF intervention will help us come out quicker than we could. We hope that it will benefit the country,” he said while throwing more light on the instruction given to the Finance Minister Ken Ofori-Atta by the President to commence formal engagements with the IMF, inviting the Fund to support programmes put together by the Government.
Ghana is set to commence talks with the International Monetary Fund (IMF) for a bailout following severe challenges with Ghana’s economy.
This was announced in a statement issued by the Information Ministry today, Friday, July 1, 2022.
“The President of the Republic, 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.”
“This follows a telephone conversation between the President and the IMF Managing Director, Miss Kristalina Georgievs, conveying Ghana’s decision to engage with the Fund,” the statement noted.
The Information Ministry explained that this decision was taken at a meeting on June 30, 2022.
“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.”