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Ghana in crisis: IMF team lands today, negotiations begin July 6

Finance Minister, Ken Ofori-Atta

A delegation from the International Monetary Fund (IMF) will hold series of meetings with government officials on Ghana’s economic recovery programme, beginning Wednesday July 6.

The meeting is taking place after Ghana announced it would engage the Fund for a Balance of Payment Support.

President Nana Akufo-Addo on Friday authorised the Ministry of Finance to formally engage the Fund for a Balance of Payment support.

The president had earlier engaged the IMF Managing Director, Miss Kristalina Georgieva to declare the government’s intention.

A statement released by the Ministry of Finance on Monday said the IMF delegation would arrive in the country on Tuesday.

“The Ministry further takes this opportunity to assure Ghanaians of the Government’s commitment to successfully negotiate a program with the IMF in the coming months, in support of Ghana’s economic recovery,” the statement said.

The government, upon exiting an IMF programme in 2019, is heading back to the Fund after being hit by the COVID-19 pandemic and the Russia Ukraine crisis.

The twin crisis led to increased inflation and high debt levels of almost 80 per cent of GDP, locking the country out of the International Capital Market.

A declining foreign exchange reserve has put pressure and led to the depreciation of the cedi against major trading currencies.

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