The Minister of Finance has been directed by Nana Addo Dankwa Akufo-Addo, President of the Republic of Ghana, to begin official negotiations with the International Monetary Fund.
In a statement dated July 1, 2022 and signed by Information Minister Kojo Oppong Nkrumah, it was said that President Akufo-Addo and IMF Director Kristalina Georgieva had previously spoken about the government's decision to work with the Fund.
"The Finance Minister, Ken Ofori-Atta, has been given formal permission by the President of the Republic, Nana Addo-Dankwa Akufo-Addo, to begin negotiations with the International Monetary Fund (IMF), urging the Fund to support an economic program developed by the Government of Ghana."This comes after the President and Krisalina Georgivia, the IMF Managing Director, spoke over the phone and discussed Ghana's decision to work with the Fund.
Cabinet agreed with the government's plan to pursue an economic program from the Fund at a meeting on June 30, 2022.
According to the announcement, the IMF engagement will aim to offer balance of payment support as part of a larger attempt to hasten Ghana's recovery from the problems brought on by the COVID-19 pandemic and, more recently, the Russian-Ukraine situation.
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