IMF Admits Ghana’s Fiscal and Debt Situation Worsened By COVID-19

A team from the International Monetary Fund (IMF) that arrived in Ghana to assess the economic situation and discuss a possible bail out deal has ended its mission.

The team, led by Carlo Sdralevich, visited Accra between July 6 and July 13 to discuss Ghana’s Enhanced Domestic Programme that an IMF lending arrangement could support.

In a release dated Wednesday, July 13, 2022, the IMF team explains that during the meeting, it held discussions with Vice President Bawumia, Finance Minister Ofori-Atta, and Governor of the Bank of Ghana, Dr Ernest Addison.

The team also met with the Parliament’s Finance Committee, civil society organisations, and development partners, including UNICEF and the World Bank.

In the press statement, the IMF team leader, Mr Sdralevich noted that Ghana was facing a challenging economic and social situation amid an increasingly difficult global environment.

He said the global economic shock caused by the war in Ukraine was also hitting Ghana when the country is still recovering from the Covid-19 pandemic shock and with limited room for manoeuvre.

He said the IMF would monitor the economic and social situation closely and engage in the coming weeks with the authorities for the Enhanced Domestic Programme.