CABINET HAS given approval for government to engage the International Monetary Fund (IMF) for a financial and technical support to help strengthen the economy.
In a release, authored by Kojo Oppong Nkrumah, the Minister of Information on July 1, 2022, he said cabinet gave its support for government’s move on June 30, 2022.
He said the devastating effects of the Covid-19 pandemic and the Russia-Ukraine war have pushed the economy out of gear, forcing the country to seek IMFs assistance.
According to him, President Nana Akufo-Addo has already authorized Ken Ofori-Atta, the Finance Minister, to start talks with the IMF, regarding seeking the latter’s support.
“The President of the Republic, Nana Addo Dankwa 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.
“This follows a telephone conversation between the President and the IMF Managing Director, Miss Kristalina Georgieva, conveying Ghana’s decision to engage with the Fund”, part of the statement said.
It added that “At a meeting on June 30th, 2022, cabinet indicated its support for the decision”.
“The engagement with the IMF will seek to provide a balance of payment support as part of 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”, it said.
By I.F. Joe Awuah Jnr