Akufo-Addo eats humble pie, marches Ghana to IMF

The government of Ghana is in discussions with the International Monetary Fund (IMF) to seek support in the midst of the economic challenges that have brought unbearable hardships to the Ghanaians.

In a press release issued by the Ministry in charge of Information, Minister Kojo Oppong Nkrumah disclosed that President Akufo-Addo has already informed the IMF of plans to seek help.

“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 Georgieva, conveying Ghana's decision to engage with the Fund,” parts of the Ministry of Information press release reads.

It adds, “At a meeting on June 30th, 2022, cabinet indicated its support for the decision. The engagement with the IMF will seek to 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 crises.”

In the past week, there have been heightened calls for the government to consider enrolling onto an IMF programme in the phase of the continuous economic challenges.

Although the government had in the past stressed that it was using home-grown solutions to tackle the issues, it has now decided to go to the IMF for help.

Below is a copy of the press release issued by the Ministry of Information: