A group from the International Monetary Fund (IMF) is about to reach in Ghana today, Tuesday, July five beforehand of a dialogue with authorities of Ghana on a bailout request made to the fund.
Negotiations will start on Wednesday, July 6, 2022.
President Nana Akufo-Addo on Friday, July 1, 2022, directed the Finance Minister, Ken Ofori-Atta, to start engagements with the Bretton Woods group on a likely monetary bail-out.
The Ministry of Information, in a assertion pronouncing the President’s directive, stated the Minister for Finance, Ken Ofori-Atta may be main the negotiations with the IMF.
The information has been obtained with blended feelings. The Government of President Akufo-Addo to begin with condemned the IMF on numerous systems, vowing in no way to are seeking any shape of assist from the fund.
A assertion from the Ministry of Finance cited that: “a delegation from the Fund is scheduled to reach in Accra on Tuesday fifth July 2022, to start in-man or woman conferences with the Government of Ghana on Wednesday sixth July 2022.”
“The Ministry similarly takes this possibility to guarantee Ghanaians of the Government's dedication to efficaciously negotiate a application with the IMF withinside the coming months, in assist of Ghana's monetary recovery,” the assertion issued through the Public Relations unit of the Finance Ministry added.
Labour unions inclusive of TUC have lambasted the authorities for its choice to are seeking assist from the fund.
They stated authorities resorting to the IMF method the financial system will in all likelihood reel below numerous regulations and controls to be imposed through the fund.
Civil society firms additionally expressed their displeasure on the authorities’s request for a bail-out from the IMF. They corroborated the worries of TUC announcing the monetary difficulty being persisted through the humans of presidency will worsen with IMF regulations.
Meanwhile, the IMF’s social media systems had been inundated with remarks from Ghanaian netizens caution the fund in opposition to bailing the Ghanaian authorities out except sufficient economic disciplinary measures are installed place.
The IMF group will encompass senior officers from the Fund in addition to neighborhood group of workers primarily based totally right here in Ghana.
Analysts recommend that it might take as a minimum 3 months for a programme to be agreed upon among the parties.
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