The IMF says it is ready to support Ghana to revive its ailing economy. The resident representative of the fund, Dr. Albert Touna-Mama in a series of tweets confirmed that the Government of Ghana had reached out to his outfit for support to restore the economy to a path of growth.
“We can confirm that the authorities [of Ghana] have been in touch to request [the] Fund’s support to #Ghana’s own economic program,” he said.
“The #IMF stands ready to assist #Ghana to restore macroeconomics stability; safeguard debt sustainability; promote inclusive and sustainable growth, and face the impact of the war in #Ukraine and the lingering pandemic. We are looking forward to meeting with the authorities in the coming weeks to start the initial discussions,” he added.
The government on July 1, 2022, announced that President Akufo-Addo has authorized Finance Minister, Ken Ofori-Atta to begin discussions with the IMF for a programme to support the country’s domestic plan. Ghana’s economy is currently in dire straits with worsening public debt, rising inflation, fuel prices, cedi depreciation among others.
Recent data released by the Bank of Ghana put Ghana’s total public debt stock, as of March 2022, at US$ 55.1 billion (GH¢391.9 billion). The country’s situation is complicated by its limited access to the international capital market.
There are indications that the government’s projected revenue from the controversial E-levy has woefully fallen short of its target two months after its eventual introduction, forcing the Government of Ghana to make a U-turn on its earlier vow not to seek IMF assistance.
