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IMF bailout: Officials expected in Ghana on July 6

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A team from the International Monetary Fund (IMF) is expected to arrive in Ghana on Wednesday, July 6 to begin negotiations with government on the economic support it is seeking.

The IMF officials – comprising senior officers from the Fund and local staff – will meet the Finance Ministry, the Economic Management Team and the Presidency during their stay, according to reports.

Among other reasons, their visit to the country would largely involve deliberations on the modalities for a package to support Ghana’s ailing economy.

It is expected that details of the bailout programme and its conditionalities will be made public after several engagements.

Government’s decision to seek economic refuge from the Fund has been received with mixed reactions as some, especially members of the National Democratic Congress, argue it has been long overdue.

Some have also expressed concerns over what the move could mean for public sector jobs and social programmes with organised labour kicking against the decision.

Already, there are growing calls for President Akufo-Addo to sack the Finance Minister, Ken Ofori-Atta, for a new face to lead the IMF discussions.

But Information Minister, Kojo Oppong Nkrumah, says justifications for Mr Ofori-Atta to step down are neither here nor there.

“If you look at the work that our Finance Minister has led us to do in the first part before these pandemics hit us, it will not support that argument that because he was initially of the view that we can do this domestically, he should be fired. I don’t think so,” he said.

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