Government will officially start preliminary negotiations into the quest to seek a bailout from the International Monetary Fund today (July 6).
This is after high-powered team from the International Monetary Fund (IMF) head office in Washington DC arrivedto begin formal discussions for a new economic support programme for the country.
The team is expected to meet officials of the Ministry of Finance, the Economic Management Team and the Presidency during its one-week stay in the country.
The team from IMF consists of senior officials from the head office of the IMF in Washington, DC, United States as well as local staff based in Ghana.
Last Thursday, June 30, 2022, Ghana indicated to the IMF its intention to seek Balance of Payment support.
President Akufo-Addo in a telephone conversation with the IMF Managing Director, Kristalina Georgieva, conveyed Ghana’s decision to engage with the Fund.
The IMF Country Office confirmed receipt of the indication and pledged to support Ghana in its 17th programme with the fund.
The IMF works to achieve sustainable growth and prosperity for all of its 190 member countries.
It does so by supporting economic policies that promote financial stability and monetary cooperation, which are essential to increase productivity, job creation, and economic well-being.
In April 2015, Ghana turned to the IMF for a 918-million dollar loan to support the then ailing currency and help to stabilise the economy.
Meanwhile, an Economist and Professor of Finance at the University of Ghana, Prof. Godfred Bokpin, says as Ghana engages the International Monetary Fund, IMF, today it must be able to convince the programme to give the country a better package which will not further worsen the plight of Ghanaians.
He said the engagement with the Fund must focus on other intangibles such as trust and credibility.
Speaking on News and Current Affairs programme ‘Behind the News‘ on Uniiq FM, he said, although seeking a bail out from the IMF is not a long term solution, government must adopt a positive posture in seeking its support as the fund is ever ready to assist in economic hardships.
