Until now, Ghana had refused to seek IMF support to rescue an economy crippled by the pandemic, rampant inflation and a depreciating currency.
Ghana, one of West Africa’s largest economies, will hold formal talks with the International Monetary Fund (IMF) on a support package, the government said on Friday, after hundreds took to the streets to protest against mounting hardship.
The cabinet gave its support for the decision at a meeting on Thursday, following a phone conversation between President Nana Akufo-Addo and IMF Managing Director Kristalina Georgieva.
Ghana, a gold, cocoa and oil producer, has until now refused to seek IMF support to rescue an economy crippled by the pandemic, rampant inflation and a depreciating currency, despite analysts warning it is close to a debt crisis.
The IMF confirmed Ghana’s request for help and said it would start discussions with authorities in the coming weeks. 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.”
