IMF new Mission Chief meets BoG Governor, Dr. Ernest Addison

A 2-member delegation, led by the new International Monetary Fund (IMF) Mission Chief for Ghana, Stéphane Roudet, on Wednesday, September 7 paid a courtesy call on the Governor of Bank of Ghana, Dr. Ernest Addison and the Management of the Bank.

This follows Stéphane Roudet’s appointment as the new IMF Mission Chief for Ghana, effective 1st September 2022. The new Mission Chief, it will be recalled, was in the country to engage with various government institutions and other key stakeholders ahead of Ghana’s Fund-supported programme.

In Governor Addison’s team were the First Deputy Governor of the Bank of Ghana, Dr. Maxwell Opoku-Afari, Directors of Research, Financial Markets, Financial Stability and Banking Supervision Departments of the Bank.
Ghana’s economy has suffered a meltdown with government largely blaming it on the ravages of the Covid-19 pandemic and the ongoing Russia-Ukraine war.

The has been an increased cost of living, record high inflation rates and downgrades of the economy by rating agencies such as S & P and Fitch – a situation which has dealt a heavy blow to government’s ability to access the international capital market.

The worsening economic situation compelled the government in July to initiate contact with IMF for a programme.

Ghana is said to be targeting an amount of $3 billion over three years from the International Monetary Fund once an agreement on a programme is reached. The new amount requested as a loan was double the government’s initial target of $1.5 billion.

Government hopes to complete negotiations by end of year to start receiving funds in the first quarter of next year.