The International Monetary Fund(IMF) has reiterated its commitment to help in efforts to stabilize and bolster confidence in Ghana’s economy.
In a tweet after a meeting with the Finance Minister, Ken Ofori-Atta, the Chair and Managing Director of the IMF, Kristalina Ivanova Georgieva-Kinova, said the IMF and authorities are on a steady path to put Ghana’s economy on a solid footing.
“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 said.
Constructive meeting w/🇬🇭 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. pic.twitter.com/ueQ4d3uY8k
— Kristalina Georgieva (@KGeorgieva) August 26, 2022
This comes on the back of Goldman Sachs’ warning to Ghanaian Government against delaying talks with the International Monetary Fund (IMF) for a bailout.
According to the American-based research body, any further delay in talks with the IMF will be dire for the Ghanaian economy.
“In our recent trip to Accra, one notable observation was the authorities’ perceived lack of urgency in concluding programme talks with the IMF (with locals expecting a 6-9 month timeframe), despite intensifying BoP, FX and fiscal financing pressures.
“We have argued that a delayed conclusion creates the risk of further deficit monetization by the BoG, Cedi depreciation and a decline in FX reserves, implying that the macroeconomic outlook may deteriorate further in the near term,” Goldman Sachs Research warned.
The country’s inflation rate also hit 31.7 per cent in the month of July 2022.
