Broke Ghana goes to IMF for bailout

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The President of Ghana Nana Addo Dankwa Akufo-Addo has asked Finance Minister Ken Ofori-Atta to formally engage with the International Monetary Fund.

This comes after unambiguous pronouncements by the Finance Minister that Ghana was not going to seek help from the International Monetary Fund (IMF) notwithstanding advice from experts and civil society organisations.

According to a statement from the Information Ministry, the country is inviting the IMF to support an economic program put together by the Government of Ghana.

The move comes after a conversation between the President and the IMF Managing Director Miss Kristalina Georgieva where the President conveyed Ghana’s decision to engage the fund.

The announcement comes after a leading member of the governing New Patriotic Party (NPP) Gabby Otchere-Darko hinted that the country was considering a program with the Bretton Wood institution…

Meanwhile, at an event held Thursday, the former President of Ghana indicated that Ghana has been mismanaged and the only way out is an IMF programme.

He indicated that the current government is afraid to join an IMF programme because of their propaganda while in opposition.

“It is evident therefore that the solution to the problem lies with taking the bold
step to restructure our debt to get some relief from pumping far too much revenue into debt servicing on an annual basis and channeling the savings into priority arrears that will benefit our people directly.

The Akufo-Addo/Bawumia government knows this too well, but political posturing, empty grandstanding, and a morbid fear of their own pedestrian politicking around less serious problems of the recent past, have immobilized and frozen them into inaction – inaction which continues to run our economy aground and worsening the living conditions of our people by the day,” he said.

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