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.