According to Asaase News, a delegation from the International Monetary Fund is scheduled to come in Ghana on Wednesday, July 6, 2022, to start discussions with the government about the specifics of a package to rescue Ghana’s faltering economy.
The team is expected to meet officials of the Finance Ministry, the Economic Management Team and the Presidency during their one-week stay.
Senior IMF staff members as well as local employees based in Ghana will make up the IMF team.
According to analysts, it would take at least three months for the parties to come to an agreement on a program.
After the meeting, specifics on the bailout package and its conditions will be released.
Ghana’s decision to opt for an IMF programme has been greeted with mixed reactions, with concern about what it may mean for public sector jobs and social programmes.
On July 1, 2022, President Akufo-Addo authorised the Minister for Finance, Ken Ofori-Atta, to commence formal engagements with the International Monetary Fund (IMF).
A statement signed by the Information Minister, Kojo Oppong Nkrumah, said the president’s directive to the Finance Minister followed a telephone conservation between President Akufo-Addo and the IMF managing director, Kristalina Georgieva, conveying Ghana’s decision to engage with the Fund.
“The engagement with the IMF will seek to provide balance-of-payments 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,” the statement read.
Credit to Pulsegh
