<<Print>>

The President of the Republic, Nana Addo Dankwa Akufo-Addo says he will negotiate a better deal with the International Monetary Fund (IMF).

The government is seeking financial assistance from the international financial institution to support its economic program.

The Minister of Information, Kojo Oppong Nkrumah announced this in a statement explaining that the government is requesting a balance of payment support from the IMF.

Delivering a speech at the New Patriotic Party's National Delegates Conference held at the Accra Sports Stadium on Saturday, July 16, 2022, the President assured the citizens that the IMF bailout under his regime will benefit Ghanaians since the NPP has a track record of negotiating deals that serve the best interest of the country with the IMF.

“Our party, we have a tradition of taking Ghana out of difficulties. We took Ghana out of HIPC in President Kufuor’s time. We took Ghana out of the derailed IMF programme of 2015,” he cited.

He was emphatic that his government will have "negotiate a good deal" with the IMF.

“I want to assure the people of Ghana that we are going to negotiate a good deal with the IMF. A deal that would allow us to revive our economy and to continue the task of building an even stronger economy than we had before,” President Akufo-Addo assured.

Team of Experts

Last week, a team of experts from the IMF led by Carlo Sdralevich arrived into the country on July 6, to meet government officials. The team concluded its visit on Wednesday July 13.

They met with Vice President Dr. Mahamudu Bawumia, Finance Minister Ken Ofori-Atta, and Governor of the Bank of Ghana, Ernest Addison.

They also met with  Parliament’s Finance Committee, civil society organizations, and development partners, including UNICEF and the World Bank to engage on social spending.

IMF Statement

At the conclusion of the mission, Mr. Sdralevich in a statement said “Ghana is facing a challenging economic and social situation amid an increasingly difficult global environment. The fiscal and debt situation has severely worsened following the COVID-19 pandemic. At the same time, investors’ concerns have triggered credit rating downgrades, capital outflows, loss of external market access, and rising domestic borrowing costs.

“In addition, the global economic shock caused by the war in Ukraine is hitting Ghana at a time when the country is still recovering from the Covid-19 pandemic shock and with limited room for maneuver. These adverse developments have contributed to slowing economic growth, accumulation of unpaid bills, a large exchange rate depreciation, and a surge in inflation.

“The IMF team held initial discussions on a comprehensive reform package to restore macroeconomic stability and anchor debt sustainability. The team made progress in assessing the economic situation and identifying policy priorities in the near term. The discussions focused on improving fiscal balances in a sustainable way while protecting the vulnerable and poor; ensuring credibility of the monetary policy and exchange rate regimes; preserving financial sector stability; and designing reforms to enhance growth, create jobs, and strengthen governance”he said

Another team of experts from the Fund are expected to arrive in the country in the coming weeks.