The Finance Minister, Ken Ofori-Atta, is back home after meeting with the Chair and Managing Director of the International Monetary Fund (IMF), Kristalina Ivanova Georgieva-Kinova, in Wasington DC, the capital city of the United States of America. Mr Ofori-Atta returned home yesterday 28 August 2022.
In a tweet about the meeting, Kristalina Ivanova Georgieva-Kinova, described her meeting with Ofori-Atta, as constructive and that the IMF is ready to offer its support to assist government’s efforts aimed at restoring the economic to its pre-pandemic state.
“Constructive meeting with Ghana’s Finance Minister Ofori-Atta & his team on Ghana’s economic challenges and the way forward. We are ready to do our part to help the authorities stabilize the economy, lay the ground for stronger growth & help the most vulnerable” the tweet read.
Presidential directive
On 1 July 2022, President Akufo-Addo authorised the Minister for Finance, Ken Ofori-Atta, to open formal engagement with the International Monetary Fund.
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A statement signed by the Information Minister, Kojo Oppong Nkrumah, said the directive to the Finance Minister followed a telephone conservation between President Akufo-Addo and the IMF managing director, Kristalina Georgieva, conveying Ghana’s decision to engage with the Fund.
“The engagement with the IMF will seek to provide balance-of-payments support as part of a broader effort to quicken Ghana’s build-back in the face of challenges induced by the COVID-19 pandemic and, recently, the Russia-Ukraine crises,” the statement said.
IMF/Ghana engagement
In response, the resident representative of the IMF in Ghana, Albert Touna-Mama, confirmed that the Government of Ghana had indeed approached the Fund and said that the IMF is ready to support Ghana.
“We can confirm that the authorities have been in touch to request [the] Fund’s support to Ghana’s own economic programme,” Dr Touna Mama wrote on Friday, in a tweet that included the Information Minister’s statement.
“The IMF stands ready to assist Ghana to restore macroeconomics stability; safeguard debt sustainability; promote inclusive and sustainable growth; and face the impact of the war in Ukraine and the lingering pandemic.
“We are looking forward to meeting with the authorities in the coming weeks to start the initial discussions,” the tweet said.
