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Ghana’s president, Nana Addo Dankwa Akufo-Addo, has told the finance minister to commence formal engagements with the International Monetary Fund (IMF) to tie down its deep financial crisis. Ghana’s economy has been slipping, according to reports. Recently, President Akufo-Addo had a telephonic conversation with IMF Managing Director, Miss Kristalina Georgieva. The government sources indicated that on 30th June, the cabinet took a decision to seek IMF support to bail out the flagging economy.
Ghana’s president, Nana Addo Dankwa Akufo-Addo, has told the finance minister to commence formal engagements with the International Monetary Fund (IMF) to tie down its deep financial crisis. Ghana’s economy has been slipping, according to reports. Recently, President Akufo-Addo had a telephonic conversation with IMF Managing Director, Miss Kristalina Georgieva. The government sources indicated that on 30th June, the cabinet took a decision to seek IMF support to bail out the flagging economy.
The IMF will be approached to provide a balance of payment support as part of a broader effort to quicken Ghana’s development tempo, which has slowed on account of the Covid-19 pandemic and of late, the Russia-Ukraine crises. Ghana availed of the IMF loan some three years ago. Of late, the country is facing hyperinflation and lackadaisical government spending.
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Ghana’s economy grew by 3.3% in the first quarter of 2022 compared to the same period in 2021. Inflation surged to a record of 27.6% in May. Though it may be much lower than some other countries in the region, it is a matter of great concern. The country also recently imposed a tax on electronic transactions, which did not go well with many people and companies. Importantly, the economic woes led to a two-day protest in Accra recently over fuel price hikes, inflation, and an economic downturn. They wanted to roll back the e-levy saying that it was regressive.
