According to Kristalina Ivanova Georgieva-Kinova, Chair and Managing Director of the International Monetary Fund (IMF), her organization is ready to help Ghana improve its economy.
This was announced by the economist from Bulgaria in a tweet on Friday, August 26, 2022.
She claims that after having a “productive meeting” with the finance minister, Ken Ofori-Atta, and his group, the IMF decided to back Ghana. Mr. Ofori-Atta returned home yesterday 28 August 2022.
The meeting, she disclosed bordered on the challenges of Ghana’s economy and how to address them
She tweeted, “Constructive meeting with [Ghana’s] Finance Minister Ofori-Atta & his team on Ghana’s economic challenges and the way forward.
We are ready to do our part to help the authorities stabilize the economy, lay the ground for stronger growth & help the most vulnerable”.
On 1 July 2022, President Akufo-Addo authorised the Minister for Finance, Ken Ofori-Atta, to open formal engagement with the International Monetary Fund.
A statement signed by the Information Minister, Kojo Oppong Nkrumah, said the directive to the Finance Minister followed telephone conservation between President Akufo-Addo and the IMF managing director, Kristalina Georgieva, conveying Ghana’s decision to engage with the Fund.
“The engagement with the IMF will seek to provide balance-of-payments support as part of a broader effort to quicken Ghana’s build-back in the face of challenges induced by the COVID-19 pandemic and, recently, the Russia-Ukraine crises,” the statement read.
The IMF Chair’s guarantees come when the nation’s economic future seems precarious.
Many Ghanaians are complaining about the Ghana Cedi, the country’s currency, which is currently rapidly weakening against the US dollar.
Along with the rising cost of living, inflation is also rising.
These factors were among a list of considerations which compelled Ghana to seek assistance from the IMF on July 1, 2022.
Albert Touna-Mama, the IMF’s resident representative in Ghana, responded by confirming that the government of Ghana had actually contacted the Fund and expressed the IMF’s readiness to assist Ghana.
“We can confirm that the authorities have been in touch to request [the] Fund’s support to Ghana’s own economic programme,” Dr Touna Mama wrote on Friday, in a tweet that included the Information Minister’s statement.
“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,” the tweet read.
While this is ongoing, Ghana’s proposal for an IMF bailout has drawn criticism from the opposition National Democratic Congress (NDC) and other civil society organizations. The latter have called it an unwise move.
Critics contend that the government’s inability to address domestic mismanagement and corruption is the root cause of the nation’s economic problems and that therefore any assistance from the IMF will be useless.
Anita Zuuri
Annie is an entertainment and lifestyle writer. She enjoys reading and writing about music, celebrities and their lifestyles, food, cars and tech.
There’s no future for Ghana at this point with these people in power!
These stupid politicians will always squander any form of funds that is meant to help the country
The government was definitely heading to fund for assistance from how our leaders were managing our economy..I just hope government comes up with some good home grown policies to take us out this crisis.
God bless our homeland Ghana and more us great and strong✊
Top site ,.. amazaing post ! Just keep the work on !