The government has commenced discussions with the International Monetary Fund (IMF), a release by the Ministry of Information has said.
The statement revealed that the President, Nana Addo Dankwa, has authorised the Minister of Finance, Ken Ofori Atta, to “commence formal engagements with the International Monetary Fund (IMF), inviting the Fund to support an economic program put together by the Government of Ghana.”
According to the statement, “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 crisis.”
This development comes against the backdrop of a hint by Gabby Asare Otchere-Darko of the government’s inability to meet its monthly target for the Electronic Transactions Levy (E-levy), achieving a woeful 10%. The E-levy, which authorities had proposed as an alternative to going to the IMF, appears not to have met the expectations of the Executive. Mr. Otchere-Darko, despite protesting the terms of the IMF bailout, stated that he supported it in principle.
More details soon.
