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President Nana Addo Dankwa Akufo-Addo has for the first time, spoken about his government seeking an International Monetary Fund (IMF) bailout.
At the swearing-in of some new Ambassadors and High Commissioners at the Jubilee House, the president explained that the decision to seek an IMF programme was necessitated by the effect of the current global economic crisis on Ghana’s economy.
He added that the support the government was seeking from the fund will help stabilize Ghana’s economy and in effect lessen the hardships Ghanaians are going through, citinewsroom.com reports.
“I am confident that with determination, hard work, unity, and the proverbial Ghanaian sense of enterprise, we will succeed, we will make it and indeed this too shall pass.
“Economies have been plunged into recession, businesses have collapsed, lives and livelihoods have been disrupted, food and fuel prices have escalated dramatically as global and domestic inflation mount.
“In our case, we have decided to see the collaboration with the International Monetary Fund to repair in the short run, our public finances, which have taken a severe hit in very recent times,” the president said.
On Friday, July 1, 2022, President Nana Addo Dankwa Akufo-Addo ordered the Minister of Finance, Ken Ofori-Atta, to commence official engagements with the International Monetary Fund (IMF).
In a statement signed by the Minister of Information, Kojo Oppong Nkrumah, the finance minister was instructed by the president to seek the IMF’s support for an economic programme put together by the government of Ghana.
Representatives of the International Monetary Fund arrived in Ghana on Wednesday, July 6, 2022, for negotiations with the government of Ghana.
