President Akufo-Addo has authorized Finance Minister, Ken Ofori-Atta to commence formal engagements with the International Monetary Fund (IMF), inviting the Fund to support an economic program put together by the government of Ghana.
According to a statement issued by the Ministry of Information, the authorisation by President Akufo-Addo follows a telephone conversation between the President and the IMF Managing Director, Miss Kristalina Georgieva, conveying Ghana’s decision to engage with the Fund.
“At a meeting on June 30th, 2022, cabinet indicated its support for the decision,” the statement said.
“The engagement with the IMF will seek to provide balance of payment 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”.
Ghana is returning to IMF after three years of refusing to seek support from the Fund.
This comes few days after some Ghanaians took to the streets to demonstrate over high cost of living in the country.
Dubbed “Krom Aye Shi”, the two-day demonstration which was held on June 28-29, 2022 was to protest against the persistent and astronomical hikes in fuel prices, the introduction of E-levy among others.
