Ghana’s request for a bailout from the International Monetary Fund (IMF) has been blamed for the government’s about-face, according to President Nana Addo Dankwa Akufo-Addo.
According to President Akufo-Addo, the action was required since it was what the nation required.
On October 18, during his trip of the Ashanti Region, Akufo-Addo expressed his expectation that the IMF bailout would aid Ghana in overcoming its current economic difficulties.
“I take full responsibility for it. But I’m hoping very strongly that by the middle of November, a month from now, these negotiations will be over. We are going to come to a budget for the country in the middle of November.
“I’m hoping that the IMF negotiations will be over at least substantially, so we will have a clear idea of the elements of the agreement with the Fund, which hopefully will be able to feed into the budget and have that drive our budgetary projection for next year and the year ahead.
“For me, my hope is that we will have a programme of fiscal adjustment. It will take us through most of the immediate budget but then will put us in a position in 2024 to begin the recovery and the growth,” he said.
Ken Ofori-Atta, the finance minister, is reportedly pushing for a swift conclusion of talks for an economic rescue program with the International Monetary Fund.
Once an agreement is struck, Ghana hopes to receive $3 billion from the Fund, with money perhaps being available as early as 2023.
Joy News reports that a delegation of government representatives recently visited the United States of America and met with Abebe Aemro Selassie, Director of the IMF’s Africa Department, during the ongoing Annual IMF/World Bank Spring Meetings.
After the yearly talks between the teams of the Ghanaian government, led by Minister for Finance Ofori-Atta, and the IMF, represented by IMF Mission Chief Stéphane Roudet, it is anticipated that the second round of negotiations will proceed.
The execution of measures that foster a macroeconomic climate that is stable, as well as sustainable growth and debt sustainability, will be the main topic of discussion throughout the negotiations.