Ghanaian side ready for scrutiny – Akufo-Addo to IMF boss

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President Nana Addo Dankwa Akufo-Addo has told the International Monetary Fund (IMF) that the Ghanaian side “is ready for IMF scrutiny and a lot of work has been done by the Cabinet and Ministry of Finance in this regard. .

He told this to the IMF boss, Kristalina Georgieva, and claimed that the IMF bailout document would be presented by the Ghanaian side.

According to the President, “we have decided to seek the collaboration of the International Monetary Fund (IMF) to stabilize, in the short term, our public finances, which have been severely affected in recent times, while we continue to work on structural changes to medium and long term which are central to our goal of creating a Ghana Beyond Aid, which builds a resilient and robust Ghanaian economy.

For her part, the managing director of the International Monetary Fund, Kristalina Georgieva, said that an agreement between Ghana and the IMF should be concluded and finalized before the end of the year.

During a meeting behind closed doors with the President of the Republic, Nana Addo Dankwa Akufo-Addo, on Monday September 5, 2022, on the sidelines of the summit on adaptation in Africa, in Rotterdam, in the Netherlands, the boss of the IMF told President Akufo-Addo “we understand the urgency, and we will act as quickly as possible.

Describing Ghana as a “beautiful country”, she reiterated the Fund’s determination to work with the government and the Ministry of Finance and ensure that an agreement is in place before the end of the year.

For his part, President Akufo-Addo told the IMF chief that a lot of work has been done by the Cabinet and the Ministry of Finance, and that the document that will be presented by the Ghanaian side “is ready for the examination of the IMF”.

Meanwhile, Kristalina Georgieva pointed out that Ghana’s current economic challenges are not generated locally but by external shocks.

Speaking on the sidelines of the Fund’s engagements with the Ghanaian delegation, Kristalina Georgieva said that contrary to the narrative of some opposition elements that Ghana is not in these challenges due to any bad policies of the Akufo-Addo administration, the head of the IMF said that the factors are exogenous.

“We have already started very constructive discussions and to the people of Ghana, like everyone on this planet, you have been hurt by exogenous shocks,” she said.
She mentioned the external factors that have contributed to Ghana’s economic difficulties, leading the West African country to seek an IMF program.
“First the pandemic, then Russia’s war in Ukraine. We have to realize that it is not because of bad policies in the country but because of this combination of shocks, and therefore we have to support Ghana,” she said.

She also indicated that Ghana is a member of the IMF, “a strong country with fantastic people”, and as such it is the responsibility of the Fund to provide support to the country.

Kristalina Georgieva also said “we must support Ghana because your strength contributes to the strength of your neighbours; it contributes to a stronger world”
Ghana is asking the IMF for $3 billion to help the country through the hostile economic crisis it finds itself in due to the adverse effects of the deadly coronavirus pandemic and the ongoing conflict between Russia and Ukraine.

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