The Ghana Scandals Index

Indexing government scandals one at a time

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Ghana to make U-turn and ask IMF for help as economic conditions worsen

Ghana’s president, Nana Addo Dankwa Akufo-Addo, has authorized Finance Minister, Ken Ofori-Atta to commence formal engagements with the International Monetary Fund (IMF), to support the country’s economy.

A statement issued by the country’s information ministry said the order follows a telephone conversation between President Akufo-Addo and the IMF Managing Director, Miss Kristalina Georgieva.

Until now, Ghana, the continent’s second-biggest gold producer, had refused to seek IMF support to rescue an economy crippled by the pandemic, rampant inflation and a depreciating currency, despite analysts warning it is close to a debt crisis.

Ghana has been struggling to stabilize debt that has grown to 78% of gross domestic product at the end of March from 62.5% five years ago, because of a sweeping clean-up of the banking sector, energy-sector loans and the impact of the coronavirus pandemic.

July 6, 2022