IMF team visits Ghana for further discussions on the country’s $3 billion loan request
The International Monetary Fund (IMF) said its team will be in Ghana between September 26 and October 7 to continue discussions with the Ghanaian government on the necessary policy reforms that must be implemented in line with the country’s $3 billion loan request.
A statement by the multilateral lender, explained that the two-week mission to Ghana is being led by Stéphane Roudet, an Advisor to IMF’s Managing Director Kristalina Georgieva.
The statement added that during the two-week visit, the IMF staff team would also engage with other stakeholders besides government officials.
Recall that the Ghanaian government had, in June, disclosed that it was targeting $1.5 billion from the IMF.
The country’s extreme fiscal challenges forced President Nana Akufo-Addo’s government to reconsider its long-standing policy decision not to borrow money from the multilateral lender.
The IMF agreed to work with the Ghanaian government on the loan programme, even as a staff team briefly visited Accra for discussions.
It was reported that the Ghanaian government thereafter doubled the loan target from $1.5 billion to $3 billion.
The IMF programme would help Ghana take care of its balance of payment deficits which are currently at about $1 billion.
It would also help strengthen the Bank of Ghana’s monetary policy and enable it to build the much-needed financial buffers that will restore macroeconomic stability and debt sustainability.
More so, the loan would help to stem the inflation rate which accelerated for the 15th consecutive month to 33.9% in August 2022.
