Akufo-Addo makes u-turn for IMF bailout

President Akufo-Addo has authorized Finance Minister, Ken Ofori-Atta to begin formal engagements with the International Monetary Fund (IMF) for financial assistance to help the country out of the current unbearable economic hardships.

A statement from the Information Ministry signed by sector Minister, Kojo Oppong Nkrumah, said the formal engagement is to invite the IMF to support an economic programme put together by the government of Ghana.

The decision to engage the IMF according to the statement has been fully supported by cabinet at a meeting on 30 June 2022.

“the engagement with the IMF will seek to provide balance of payment support as part of a 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,” the statement said.

The economy has been in rough waters for some time now.

Fuel prices keep rising, the cedi keeps depreciating, inflation keeps soaring, and the cost of goods and services and keep rising.

As of March 2022, Ghana’s total debt stock stood at GH¢391.9 billion.