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Ghana to seek help from International Monetary Fund (IMF)

Ghana has said it will seek financial aid from the International Monetary Fund (IMF) to help strengthen the West African nation's currency.

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.


The Ministry of Information announced this in a statement on Friday July 2022 in statement

 The Ghanaian President Nana Addo Dankwa Akufo-Addo has instructed his Finance Minister Ken Ofori-Atta to commence formal engagements with the International Monetary Fund (IMF) inviting the Fund to support an economic programme put together by the Government of Ghana.


The cedi has fallen against the US dollar this year, making it one of the world's worst-performing currencies.

 

Ghana, once seen as a shining example of economic strength in the region, is also struggling with high inflation.

The country last went to the IMF for help in 2014, when it secured a $600m (£360m), three-year aid package.

 

Despite being a major exporter of gold, oil and cocoa, Ghana is struggling with large current account and budget deficits.

 

 

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Ghana IMF International Monetary Fund Kristalina Georgieva US

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