Dr. Mahamudu Bawumia, the vice president, has spoken out against Ghana’s decision to approach the International Monetary Fund (IMF) for assistance in stabilizing and reviving the economy.
He has highlighted four factors—two internal and two external—that led Ghana to choose the IMF’s assistance.
He cited the take-or-pay arrangement in the energy industry and the cleaning up of the banking sector as the causes for the internal ones.
He cited COVID-19 and Russia’s invasion of Ukraine as the external causes.
He was speaking Thursday afternoon at the Accra Business School’s Baatsona campus for the introduction of two new, highly regarded information technology programs (July 14, 2022).
The IMF’s initial mission to Ghana, which was part of an invitation for the institution to help the nation stabilize and revitalize its economy, came to an end on Wednesday.
Ghana has requested assistance from the IMF 18 times.
The closing of the conventional sources of funding since the rating agencies calculated Ghana’s creditworthiness in 2021 led to the current move for Balance of Payments help.
In an increasingly hostile global climate, Ghana is dealing with a terrible economic and social condition. The COVID-19 pandemic has resulted in a dramatic worsening of the financial and debt crisis.
Investors’ worries have also led to credit rating downgrades, capital outflows, a loss of access to external markets, and an increase in domestic borrowing prices.
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