The International Monetary Fund (IMF) and government have identified specific policies to help stabilise the Ghanaian economy from its current predicament.
This was disclosed in a statement by the Bretton Woods institution after its officials visited Ghana from 11th to 19th October 2022.
The IMF team which was led by Stéphane Roudet met the Finance Minister, Ken Ofori-Atta and Bank of Ghana Governor, Dr. Ernest Addison to continue discussions on a possible IMF-supported program.
At the conclusion of the meetings, Mr. Roudet issued the following statement:
“The Ghanaian delegation and IMF staff had very fruitful discussions on the authorities’ post-COVID program for economic growth and associated policies and reforms that could be supported by a new IMF arrangement.”
He said: “We made good progress in identifying specific policies that would restore macroeconomic stability and lay the foundation for stronger and more inclusive growth.”
Mr. Roudet added in the statement that, the IMF team and the Ghanaian authorities remain fully committed to reaching an agreement on a framework and policies for an IMF-supported program as soon as feasible.
“Discussions will continue in the weeks ahead, with a follow-up mission to take place expeditiously,” he added.
The Government of Ghana is seeking $3 billion support from the IMF following a downturn in the Ghanaian economy.
Government has attributed its decision to seek an IMF bailout on COVID-19 expenditures and the Russia-Ukraine war.