IMF affirms to support Ghana after concluding negotiations with gov’t

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The International Monetary Fund (IMF) has concluded negotiations and reaffirmed its commitment to support Ghana after the government requested for a bailout from economic challenges.

In a statement issued on Wednesday, the team expressed the commitment of the Bretton Woods institution to support Ghana.

The discussions focused on improving fiscal balances in a sustainable way while protecting the vulnerable and poor; ensuring credibility of the monetary policy and exchange rate regimes; preserving financial sector stability, and designing reforms to enhance growth, create jobs, and strengthen governance.

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At the conclusion of the mission, the IMF team led by its Division Chief, Carlo Sdralevich, concluded that “Ghana is facing a challenging economic and social situation amid an increasingly difficult global environment. The fiscal and debt situation has severely worsened following the COVID-19 pandemic.”

It said the global economic shock caused by the war in Ukraine “is hitting Ghana at a time when the country is still recovering from the Covid-19 pandemic shock and with limited room for manoeuvre.”

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