See all the number of times Ghana has gone to IMF since September 1956



There is an ongoing debate about whether or not Ghana should go to the International Monetary Fund (IMF) for a bailout as the economy is squeezed with very little fiscal space for the government to breathe. Minister of Finance, Ken Ofori-Atta has shot down the IMF bailout calls.

But President of the policy think-tank IMANI Africa, Franklin Cudjoe said the government should be shy to seek financial support from the IMF even after the country was downgraded, reducing Ghana’s long-term foreign-currency issuer default rating (IDR) to ‘B-‘ from B with a negative economic outlook.

“We all fall on hard times and need some support from family and friends…but Government has driven the country into a debt iceberg and we are sinking with fewer lifeboats and passerby ships that should care are simply smiling and waving at us…” Cudjoe wrote.
“We need to stop the debt clock by rationalising our expenditure plans and more…Meanwhile, the government should talk to the IMF to help. We shouldn’t be shy at all,” he added.

Number of times Ghana went to IMF

Forever Product

Ghana officially joined the IMF on September 20, 1957. It first approached the IMF in 1965 for a fund-supported programme which the government eventually turned down after the IMF agreed.

Ghana has since then approached the IMF on 17 occasions with the last happening in April 2020 when Ghana signed to RCF.

With 16 programmes under the IMF, Ghana becomes the fifth highest in sub-Saharan to seek assistance from the Fund through programmes.

This comes after Liberia with 21 programmes, Kenya with 19 and Sierra Leone and Mali with 17 programmes respectively.


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