Ghana economic woes deepen as IMF team visit for de second time to discuss financial bailout

International Monetary Fund (IMF) team led by dia Mission Chief for Ghana, Stépahane Roudet dey visit de kontri today.

De IMF in dis second visit from September 26 – October 7 go meet plus Ghanaian officials to continue discussions on policies den reforms wey IMF go fit support plus lending arrangement.

President Akufo-Addo in July dis year announce decision of de kontri to go for IMF loan to support de ailing economy of Ghana. 

What IMF dey wan see from Ghana

According to policy analyst with IMANI Africa, Bright Simmons, “IMF no fit cut deal unless de kontri show credible plan of how dem go make de best sustainable.”

In order to make de loan facility sustainable for Ghana to pay, IMF go wan check how de kontri go fit carry de debt, how dem generate revenue den repayments to see if dem go face debt distress in de medium-term.

Mr Simmons explain say if a member kontri request for financing from IMF, de fund go assess weda de kontri policies go fit restore debt sustainability wey go prove weda or not dem fit meet current and future debt payment options.

Generally, IMF dey embark on two types of visits to kontries – surveillance mission den financing mission.

De current visit to Ghana which dey fall under dia financing mission go explore to negotiate de terms on which dem go release loan wey de kontri request.

Ghana inflation reach 33.9%

Inflation for Ghana rise from about 13% in January to around 33.9% in September of 2022.

De high inflation rate dey come with associated economic challenges which dey increase living costs for Ghanaians who dey spend more on food, goods, shelter den tins.

Meanwhile, de hikes in fuel in particular cause transportation prices to go up. Prices also add on to de cost of living as transport affect most parts of de Ghanaian economy.

Ghana be one of de most stable democracies in Africa, but in recent times, govment dey talk about possible instability wey people dey try orchestrate.

Expects believe de economy go be major cause for any instability, sake of that, make govment resolve de economic issues to reduce de tensions in de kontri.

How govment make u-turn on IMF decision

Initially, govment reject de option of going to de IMF for economic bailout.

Finance Minister, Ken Ofori-Atta reveal say he plan to raise resources within de kontri to support de economic programs of govment. 

“We no dey go IMF, whatever we do we no go go IMF” Ken Ofori-Atta talk. 

But de growing pressure on de economy, increasing food prices, fuel price hike den recent agitations make govment reverse de decision to stay off IMF.