Akufo-Addo finally turns to IMF for bail out

The President, Nana Addo Dankwa Akufo-Addo has finally turned to the International Monetary Fund(IMF) to seek support for government programmes in the wake of current economic hardships.

A statement from the Ministry of Information sighted by GhanaPlus.com said the President has authorized the Mr of Finance and Economic Planning, Mr Ken Ofori-Atta to begin discussions with the IMF.

The statement signed by the Minster of Information, Mr Kojo Oppong Nkrumah said the directive follows a  telephone conversation the President had with the IMF Managing Director on the country’s readiness to engaged the fund.

“The President of the Republic of Ghana has authorized Finance Minister Ken Ofori-Atta to commence formal engagement with the International Monetary Fund (IMF) inviting the Fund to support an economic programe put together by the Government of Ghana.

“This follows a telephone conversation between the President and the IMF Managing Director, Ms Kristalina Georgieva , conveying Ghana’s decision to engage with the fund,” the statement said.

The decision to turn to the international organization which undertakes a regular health check of the economic and financial policies of its 190 member, is to support government’s quest to bounce back from its current economic crises speedily.

“The engagement with the IMF will  seek to balance of payment support as part of a broader effort quicken Ghana’s build back in the face of induced by the COVID-19 pandemic and the Russia-Ukraine crises”.

“At a meeting on June 30^th, 2022, cabinet indicate its support for the decision,” the statement mentioned.

Ghana in economic crises

Ghana’s economic outlook has not been good for nearly two years now, however, seem to have worsen from January this year, up until now.

The development has been blamed on the COVID-19 pandemic which hit the world in the late 2019 and Ghana on early 2020 and most recently on the  Russian-Ukraine War which begun some months ago.

Several calls have been made from the opposition, most especially, the former President and 2020 Presidential Candidate of National Democratic Congress, John Dramani Mahama to  government to consider an intervention from the IMF but government paid no heed up until now.

Source: GhanaPlus.com