IMF and Ghana reach conclusions on possible support for post-COVID-19 programme and others

After their meeting in Washington, DC, the International Monetary Fund (IMF) and the Ghana government delegation have concluded on some programmes that the Fund could possibly support by a new IMF arrangement.

In a statement issued Thursday October 20, 2022, the IMF said its team led by Stéphane Roudet met during October 11 to 19 with the Finance Minister, Ken Ofori-Atta, Governor of the Bank of Ghana, Dr Ernest Addison and their teams to continue discussions on a possible IMF-supported programme.

At the conclusion of the meetings, Mr. Roudet issued the following statement:

“The Ghanaian delegation and IMF staff had very fruitful discussions on the authorities’ post-COVID program for economic growth and associated policies and reforms that could be supported by a new IMF arrangement.

“We made good progress in identifying specific policies that would restore macroeconomic stability and lay the foundation for stronger and more inclusive growth . The IMF team and the Ghanaian authorities remain fully committed to reaching agreement on a framework and policies for an IMF-supported program as soon as feasible. Discussions will continue in the weeks ahead, with a follow-up mission to take place expeditiously.”

This is the second time in seven years that Ghana is going to the IMF. The country went to the Bretton Woods Institution for assistance in 2015 seeking to rescue the economy.

The government after vowing it would never go back to the IMF when it rushed to end in March 2019 the 2015 programme, made a U-turn and returned in July 2022.

The Ghanaian economy is currently in deep crisis, with the currency, the cedi, literally on life-support and doing badly against the US dollar. Inflation driven by food prices is at an all-time high at 37.2 per cent per cent and public debt is beyond 80 per cent – the Ghanaian economy is dealing with strong headwinds

By Emmanuel K Dogbevi

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