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IMF Deploys Team To Ghana To Begin Aid Negotiations

International Monetary Fund IMF

According to a statement released on Tuesday, the IMF will dispatch a team to Ghana this week to start negotiations on a potential loan package for the West African country.

Earlier the Ghanian President Nana Akufo-Addo has rejected requests for financial assistance from the IMF, but last week he approved the action as the nation battles skyrocketing inflation.

According to Carlo Sdralevich, head of the IMF mission in Ghana, “on the basis of a request from the Ghanaian authorities, an IMF staff team will in the coming days kick-start discussions on a possible program to support Ghana’s domestic economic policies.”

Given that in-depth conversations have not yet occurred, we are still in the early stages of the process. Sdralevich discuss

He will serve as the team leader for the IMF staff delegation traveling to Accra from July 6–13.

The declaration was made after two days of demonstrations against rising food and fuel prices broke out in the nation’s capital following May’s highest-inflation rate in nearly two decades of over 27%.

As the government seeks to impose severe policies it believes could save the economy, fights have broken out in the hung parliament.

The debt-to-GDP ratio in Ghana was 80.1 percent at the end of last year, according to data from the central bank, and fuel costs have increased as a result of Russia’s invasion of Ukraine.

“The IMF stands ready to assist Ghana to restore macroeconomic stability, safeguard debt sustainability, and promote inclusive and sustainable growth, and address the impact of the war in Ukraine and the lingering pandemic,” said Sdralevich.

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