The IMF delegation visited Ghana on July 6, 2022, at the government’s invitation.
The Bretton Woods organization pledged its assistance for the West African nation in a statement released on Wednesday, July 13.
In accordance with the IMF’s objectives, “We reiterate our commitment to help Ghana during this challenging moment.”
The statement went on to say that the IMF staff would keep a close eye on Ghana’s economic and social condition and would work with the government to develop an enhanced domestic program in the coming weeks.
The IMF also described some of the difficult circumstances Ghana is facing.
- In an increasingly hostile global climate, Ghana is dealing with a terrible economic and social condition.
- The COVID-19 epidemic has significantly deteriorated Ghana’s financial and debt condition.
- Credit rating downgrades, capital outflows, loss of access to external markets, and increased domestic borrowing rates have all been brought on by investor fears.
- The IMF added that Ghana is now recuperating from the Covid-19 pandemic shock and has little room for manoeuvre as a result of the global economic shock brought on by the conflict in Ukraine.
The IMF believes that the aforementioned changes have significantly impacted decreasing economic growth, the buildup of unpaid bills, a significant loss in the value of the currency, and an increase in inflation.
Dr. Mahamudu Bawumia, the vice president, Finance Minister Ofori-Atta, and Governor Addison of the Bank of Ghana met with the IMF delegation when they were in Ghana.
During its engagement, the team also met with the Finance Committee of the Parliament, civil society groups, and development partners including UNICEF and the World Bank.