IMF bailout is not the only solution to Ghana’s economic challenges – Oppong Nkrumah

The Minister of Information, Kojo Oppong Nkrumah has disclosed that Ghana needs various solutions to its current economic challenges.

Kojo-Oppong-Nkrumah

He said though the country is counting on the International Monetary Fund (IMF) for a bailout, other measures can ensure that the country gets out of the current economic quagmire.

Providing an update on the engagement with the IMF thus far, Minister of Information, Kojo Oppong Nkrumah, said the government is confident of addressing current challenges.

“The Government of Ghana has had an enhanced program which has been designed to help us recover from major shocks we are suffering. And to make that program effectual, we will need some balance of payments support from the IMF.”

“And that is what we have been working on, and all indications suggest to us that we should be bringing that to a closure pretty soon. But that is not all the panacea to our economic challenges, we have other programs to help us to bring back growth, help private sector kicking and get cost of living under control,” Kojo Oppong Nkrumah said.

The government has since July last year engaged the fund for a $3 billion bailout to help restore the economy.

In addition to this, the government has rolled out policies and programs aimed at restoring macroeconomic stability and debt sustainability.

President Nana Addo Dankwa Akufo-Addo on May 2 courted the support of Japan to help Ghana reach an agreement with the International Monetary Fund (IMF) Board for the 3 billion dollar balance of payment support.

According to Akufo-Addo, Japan which is a member of the Paris Club has a major role to play in Ghana securing the IMF deal

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