A delegation from the International Monetary Fund (IMF) is scheduled to arrive in Ghana today to begin preliminary talks over a possible $3 billion rescue loan.
According to statistics, the country’s debt-to-GDP ratio was 80.1 percent at the end of last year, and gasoline costs have risen as a result of the Russia-Ukraine conflict.
The visit, which will last from July 6th to July 13th, comes as the West African country confronts demonstrations over spiraling inflation and other economic issues.
Protests began in late June, when hundreds of people came to the streets of Accra to protest price increases on essential items in the midst of an economic crisis. Ghana previously declined to seek IMF assistance.
In a statement, IMF mission chief for Ghana, Carlo Sdralevich said: “Based on a request from the Ghanaian authorities, an IMF staff team will in the coming day kick-start discussions on a possible programme to support Ghana’s homegrown economic policies.
“We are at an early stage in the process, given that detailed discussions are yet to take place.
“The IMF stands ready to assist Ghana to restore macroeconomic stability, safeguard debt sustainability, promote inclusive and sustainable growth, and address the impact of the crisis in Ukraine and the lingering pandemic.”
The announcement came in the aftermath of two days of protests in the capital, Accra over the rising cost of food and fuel, after the country was hit with a more than 27 per cent inflation in May — the highest in almost two decades.
However, labour unions, civil service organisations and citizens in Ghana have severely criticised the government for its decision to seek IMF help. Critics of the bailout plan said the economic hardship being endured by the people of government would get worse with IMF restrictions.
IMF’s social media platforms have been inundated with comments from Ghanaian citizens warning the fund against bailing the Ghanaian government out unless enough fiscal disciplinary measures are put in place.
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