Ghana Reverses Decision On IMF Lending As Economy Takes A Dip

Signage hangs at the International Monetary Fund (IMF) headquarters in Washington, D.C., U.S., on Tuesday, April 14, 2020. In its first World Economic Outlook report since the spread of the coronavirus and subsequent freezing of major economies, the IMF estimated today that global gross domestic product will shrink 3% this year. Photographer: Andrew Harrer/Bloomberg

Ghana is set to reverse its decision on not seeking the help of the International Monetary Fund.

President Nana Akufo-Addo has ordered the Minister of Finance Ken Ofori-Atta to start formal engagements with the IMF Managing Director, Kristalina Georgieva, according to the country’s Ministry of Information.

It will be Ghana’s 17th IMF programme since its   independence in 1957.

Ghana’s Eurobonds rate has since risen after the announcement by 13%. 

“The IMF stands ready to assist Ghana to restore macroeconomics stability, safeguard debt sustainability, promote inclusive and sustainable growth, and address the impact of the war in Ukraine and the lingering pandemic, ” MF said in an email.

“We are looking forward to meeting with the authorities in the coming weeks to start the initial discussions.”

Akufo-Addo had previously insisted in the past that Ghana would not change its decision on the IMF but with economic realities biting, the country believes it stands a better chance at recovery with the IMF loans.

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