IMF team arrives in Ghana today, bailout talks begins Wednesday

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A delegation from the International Monetary Fund (IMF) is expected to arrive in the country today, Tuesday, 5 July 2022.

The delegation will have an in-person meeting with government representatives for an economic bailout on Wednesday, 6 July 2022.

This was contained in a statement issued by the Finance Ministry.

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President Akufo-Addo recently directed Finance Minister Ken Ofori-Atta to begin talks with the IMF for a bailout.

A statement issued by Information Minister Kojo Oppong Nkrumah on Friday, 1 July 2022, said: “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 said.

“The engagement with the IMF will seek to provide a 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

The economy has been in rough waters for some time now.

Fuel prices keep rising, the cedi keeps depreciating, inflation keeps soaring, and the cost of goods and services keep rising.

As of March 2022, Ghana’s total debt stock stood at GH¢391.9 billion.

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