We’re ready to assist Ghana restore macroeconomic stability – IMF

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Sat, 2 Jul 2022 Source: www.ghanaweb.com

Government begins formal engagement with IMF

NDC claims vindication as government 'runs' to IMF

Government blames global crisis for economic downturn

The International Monetary Fund (IMF) has indicated its preparedness to assist Ghana on the path of its economic recovery.

In a social media post, the IMF Resident Representative for Ghana, Dr. Albert Touna-Mama, confirmed that the Ghanaian authorities have reached out to the Bretton Woods Institution.

He also mentioned that the Fund was ready to assist Ghana government to restore macroeconomic stability and safeguard debt sustainability for the country.

Dr. Touna-Mama indicated that the IMF will in the coming weeks meet with government delegation to commence initial discussions.

His comment comes on the back of government’s announcement to begin formal engagement with the Fund.

"We can confirm that the authorities have been in touch to request Fund’s support to #Ghana’s own economic program. The #IMF stands ready to assist #Ghana to restore macroeconomics stability; safeguard debt sustainability; promote inclusive and sustainable growth; and face the impact of the war in #Ukraine and the lingering pandemic. We are looking forward to meeting with the authorities in the coming weeks to start the initial discussions,” Dr. Albert Touna-Mama tweeted.

President Akufo-Addo on July 1 ordered Finance Minister, Ken Ofori-Atta to begin formal engagements with the IMF.

In a statement signed by Information Minister, Kojo Oppong Nkrumah, the engagement is to to invite the Fund to support an economic program put together by government.

“The President of the Republic of Ghana, Nana Addo Dankwa Akufo-Addo, has authorised 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,” the statement said.

Among other things, the government says the IMF support will 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 crisis.”

Government’s decision to return to the IMF has sent shock waves as it had hitherto ruled out a possible return to the Fund.

In the face of growing economic hardships, several critics including the opposition National Democratic Congress and Civil Society Organisations (CSOs) had implored the government to seek an IMF bailout.

But in several instances, the government insisted against going to the IMF while touting several homegrown policies including E-levy as remedy to the current situation.

The Minister for Finance Ken Ofori-Atta, in January 2022 described an IMF bailout as disastrous to Ghana.

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Source: www.ghanaweb.com
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