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IMF team in Ghana for more talks on bailout

According to a statement from the Fund, Stéphane Roudet is in charge of the IMF mission. From December 1 through Tuesday, December 13, they will be in Ghana.

“Our goal with this visit is to move closer to a consensus on the policies and reforms that could be financed by an IMF funding arrangement.

The IMF said in a statement on November 30, 2022, “The IMF remains fully committed to helping Ghana restore macroeconomic stability, deliver relief to Ghanaians in this time of crisis, and build the platform for more inclusive growth.”

Ghana has turned to the Fund for financial assistance as a result of its poor economic circumstances.

Ghana is experiencing a catastrophic economic crisis with widespread inflation, spiraling debt, and a falling local currency that has been dubbed the worst in a generation.

In the 2023 Budget, Finance Minister Ken Ofori-Atta stated that as of the end of November 2022, the entire public debt of the nation was GH450 billion.

In order to balance the budget for 2023 while the government negotiates the relief package with the IMF, he has pledged to reduce spending and increase revenue.

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