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IMF team in Ghana for more talks on bailout

December 1, 2022 1:42 PM

Another team from the International Monetary Fund (IMF) has arrived in Ghana to continue with discussions on the West African country’s request for a support programme.

Ken Ofori-Atta and IMF MD, Kristalina Georgieva

A statement from the Fund stated that the IMF delegation is led by Stéphane Roudet. They will be in Ghana from December 1 to Tuesday, December 13.

“Our objective for this visit is to make further progress toward reaching an agreement on policies and reforms that could be supported by an IMF lending arrangement.

“The IMF remains fully committed to help Ghana restore macroeconomic stability, bring relief to Ghanaians in this time of crisis, and lay the foundation for more inclusive growth,” the fund said in a statement on Wednesday, November 30, 2022.

Ghana’s deteriorating economic situation has led the country to the Fund for financial support.

Ghana is facing a severe economic crisis which has been described by some as the worst in a generation, with rampant inflation, spiralling debt and a tumbling local currency.

Finance Minister, Ken Ofori-Atta revealed in the 2023 Budget that the country’s total public debt was GH¢450 billion at the end of November 2022.

He has thus promised to cut spending and boost revenue in the 2023 budget as the government negotiates the relief package with the IMF.