IMF team arrives on September 26 to hold negotiations on $3 billion loan request

The government of Ghana has explained that the recent hardships in the economy are resulted from the banking sector clean up, COVID-19 and the ongoing Russia-Ukraine war.

These hardships are reflected in the high cost of living and high inflation rates.

The Cedi has also fallen drastically which has compelled the Bank of Ghana to increase the monetary policy rate to combat the situation.

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This decline in Ghana’s economic growth has compelled the government to contact the International Monetary Fund in July for an economic support programme.

A team from the International Monetary Fund is expected to land in Ghana on Monday, September 26, 2022 to have official negotiations with the government for a loan request.

Once an agreement on the fund is reached, the government aims to receive $3 billion over three years.

In order to get the funding in the first quarter of 2023, the government expects to conclude discussions by the end of 2022.

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IMF team arrives on September 26 to hold negotiations on $3 billion loan request

A team from the International Monetary Fund is expected to land in Ghana on Monday, September 26, 2022 to have official negotiations with the government for a loan request.

Credit: Ceasa Ayer (Dr. Ceasar)

Source: www.ghanaweb.com