IMF boss: We’re ready to help stabilise Ghana’s economy

IMF boss: We’re ready to help stabilise Ghana’s economy
According to Kristalina Ivanova Georgieva-Kinova, Chair and Managing Director of the International Monetary Fund (IMF), her organisation is ready to help Ghana improve its economy.

This was announced by the economist from Bulgaria in a tweet on Friday.

She claims that after having a "productive meeting" with the finance minister, Ken Ofori-Atta, and his group, the IMF decided to back Ghana.

She stated that the discussion at the meeting focused on Ghana's economic problems and solutions.

“Constructive meeting with [Ghana’s] Finance Minister Ofori-Atta & his team on Ghana’s economic challenges and the way forward. We are ready to do our part to help the authorities stabilize the economy, lay the ground for stronger growth & help the most vulnerable”, the tweet said.

The assurances from the IMF Chair comes at a time when the country’s economic outlook appears to be in distress.

Currently, Ghana’s currency, the Ghana Cedi, is consistently depreciating against the US dollar at a fast rate which many citizens are lamenting about.

Inflation is also on the rise with the cost of living also on the high.

These factors, were amongst a list of considerations which compelled Ghana to seek assistance from the IMF on July 1, 2022.

In a statement issued by the Information Minister, Kojo Oppong Nkrumah, the move to go to the IMF is to help the global lender assist government in implementing some economic recovery prorgammes.

Meanwhile, the opposition National Democratic Congress (NDC), and other civil society organisations have criticised Ghana’s request for an IMF bailout, describing it as an imprudent measure.

According to the critics, the country’s economic woes are based on the failure of government to deal with its internal mismanagement and corruption, and thus support from the IMF will amount to nothing.

Meanwhile, JoyNews sources reveal that, any assistance from the IMF will come in 2022 next year.