IMF to deploy another mission to Ghana in coming weeks

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IMF
According to IMF, external assistance will only ease constraints of these countries in a short term

The International Monetary Fund is set to deploy another mission to Ghana in the coming weeks as the country races against time to tie down a bailout programme.

In July, a staff mission visited Ghana for initial discussions after the Akufo-Addo administration announced its intentions to head back to the IMF for a bailout.

Ghana is seeking a $3 billion package from the fund.

Gerry Rice, the Director of Communications for the International Monetary Fund, at a media engagement recently said:

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“Ghana has, as you probably know, requested a program from the IMF. We had an IMF staff team in Accra in July [2022] to begin initial discussions with the Ghanaian authorities. And we characterized that mission as constructive, kickstarted the process, and laid the groundwork for engagement, which now continues.”

“Our Mission Chief for the IMF also recently visited Accra, again, to meet with key counterparts. And we’re hopeful of another visit in the coming weeks. I don’t have a date for you, but [it will surely be] in the coming weeks,” added.

Earlier this month, the Managing Director of the IMF, Kristalina Georgieva, noted that a deal between Ghana and the IMF should be reached and finalised before the end of the year.

Ghana is before the IMF to help the country navigate the economic crisis it finds itself in, which was worsened by the coronavirus pandemic and the ongoing conflict between Russia and Ukraine.

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