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A delegation from the International Monetary Fund (IMF) will hold a series of meetings with government officials on Ghana’s economic recovery program starting Wednesday, July 6.
The meeting comes after Ghana announced it would commit to the Balance of Payments Support Fund.
President Akufo-Addo on Friday authorized the Ministry of Finance to formally commit the Balance of Payment Support Fund.
Earlier, the president engaged the managing director of the IMF, Kristalina Georgieva, to declare the government’s intention.
A statement released by the Ministry of Finance on Monday said the IMF delegation would arrive in the country on Tuesday.
“The ministry takes this opportunity to reassure Ghanaians of the government’s commitment to successfully negotiate a program with the IMF in the coming months to support Ghana’s economic recovery,” the statement said.
The government, after exiting the IMF program in 2019, is moving back to the Fund, affected by the COVID-19 pandemic and the crisis in Russia and Ukraine.
The twin crisis led to high inflation and high debt levels of almost 80 percent of GDP, blocking the country from the international capital market.
Dwindling foreign reserves put pressure and caused the cedi to depreciate against major trade currencies.
Source: GNA
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