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Ghana, IMF negotiations begin July 6

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A delegation from the International Monetary Fund (IMF) will hold a series of meetings with government officials on Ghana’s economic recovery program, starting Wednesday, July 6.

The meeting is taking place after Ghana announced that it would allocate funds to help balance the payments.

President Akufo-Ado on Friday formally approved the Ministry of Finance to appoint a fund to support the balance of payments.

The president had earlier appointed the IMF’s managing director, Miss Kristalina Georgieva, to announce the government’s intentions.

An IMF delegation will arrive in the country on Tuesday, the finance ministry said in a statement on Monday.

“In support of Ghana’s economic recovery, the ministry took this opportunity to reassure the people of Ghana of the government’s commitment to successfully negotiate with the IMF in the coming months,” the statement said.

After withdrawing from the IMF program in 2019, the government is moving back to funds damaged by the Kovid-19 epidemic and the Russia-Ukraine crisis.

The joint crisis has led to rising inflation and high debt levels of about 80 percent of GDP have locked the country out of the international capital market.

A declining foreign exchange reserve has created pressure and led to a devaluation of the CEDI against major trading currencies.

Source: GNA

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