Ghana is going to the International Monetary Fund (IMF) for financial support to stabilise the economy. According to leadership of the country, the economy is facing a lot of challenges and that has necessitated a move to IMF for a bailout. Some of these causes includes the novel Covid-19 pandemic and the ongoing war between Russia and Ukraine.
Many experts are also of the view that Ghana's problems can't be solved by the IMF. Steve Hanke a a renowned economist has this to say about it: "According to Bloomberg, Ghana is likely to default on its debt. With inflation at 51.25%/yr by my measure, an IMF bailout will NOT solve Ghana's problems. An IMF bailout has not done so in the past, and will not do the trick, today."
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