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Ghana is said to be targeting an amount of $3 billion over three years from the 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.
According to a Joy Business report, the negotiations between IMF officials and Ghanaian authorities will start on Monday September 26, 2022.
Managing Director of the IMF, Kristalina Georgina, has recently attributed Ghana’s current economic conditions to external shocks emanating from the COVID-19 pandemic and Russia’s invasion of Ukraine.
According to her, these two factors have significantly impacted other economies hence Ghana’s economic challenges cannot be blamed on bad policies implemented by the Ghanaian government.
“Like everybody on this planet, Ghana has been hurt by exogenous shocks, first the pandemic, then Russia’s war in Ukraine, and we need to realize that Ghana’s challenge is not because of bad policies, but the combination of external shocks,” she indicated.
The IMF boss also speaking on Ghana’s possible programme said her outfit is determined to reach an agreement with the Government of Ghana by the end of this year.
She added that constructive discussions have so far been held with Ghanaian authorities for a possible economic support programme.
On July 1, 2022, President Nana Addo Dankwa Akufo-Addo ordered Finance Minister, Ken Ofori-Atta to present an economic rescue programme to the IMF following the current economic conditions in the country.
Subsequently, a team from the Fund led by Carlo Sdralevich visited Ghana between July 6 – 13, to gather relevant data and met with relevant stakeholders.
Business News of Tuesday, 20 September 2022
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