The International Monetary Fund (IMF) team is expected to arrive in Ghana today, Tuesday, July 5 ahead of talks with the Ghanaian government regarding a request for assistance from the fund.
Negotiations will begin on Wednesday, July 6, 2022.
President Nana Akufo-Addo on Friday, July 1, 2022, instructed the Minister of Finance, Ken Ofori-Atta, to begin negotiations with the Bretton Woods Center on possible economic bail.
The Information Department, in a statement announcing the Presidential directive, said Finance Minister Ken Ofori-Atta would be leading talks with the IMF.
This news has been received with mixed reactions. The government of President Akufo-Addo initially criticized the IMF in many forums, vowing not to seek any form of funding from the fund.
A statement from the Ministry of Finance stated: "The Fund team is scheduled to arrive in Accra on Tuesday, July 5, 2022, to begin face-to-face meetings with the Government of Ghana on Wednesday, July 6, 2022."
"The Department also took this opportunity to reassure the people of Ghana of the Government's commitment to a successful negotiation of an agreement with the IMF in the coming months, in support of the Ghanaian economy," added a statement from the Department of Finance.
Trade unions, including TUC, have criticized the government for its decision to seek funding from the fund.
They said the government's use of the IMF meant that the economy would collapse under several limits and the regulation that the fund should put in place.
Civil society groups also expressed their displeasure at the government's request for the IMF's release. They confirmed the TUC's concern that the economic hardships endured by the people of the government would be exacerbated by IMF restrictions.
Meanwhile, the IMF's social media platforms are full of comments from Ghanaian internet users warning the fund about the rescue of the Ghanaian government unless adequate disciplinary action is taken.
The IMF team will consist of senior Fund officials and local staff based in Ghana.
Analysts point out that it will take at least three months for an agreement to be reached between the parties.