Government has reached agreed programme objectives with the International Monterey Fund (IMF) for a bailout.
This was announced by Finance Minister, Ken Ofori-Atta when he presented the 2023 Budget and Economic Policy to Parliament on Thursday, November 24, 2022.
“Government and the IMF have agreed on programme objectives, a preliminary fiscal adjustment path, debt strategy, and financing required for the programme to be in line with the government’s Post-COVID-19 Programme for Economic Growth (PC-PEG).”
“The PC-PEG is government’s blueprint to restore macroeconomic stability, promote debt sustainability, sustain economic recovery, and support structural reforms,” he added.
On July 1, the Ghana government announced a U-turn of an initial decision of not resorting to the IMF for support despite economic hardship hitting the citizenry.
Consequently, a team from the IMF arrived in Ghana to start negotiations with the Ghana government. The government has since maintained to secure a good deal for the country.
Prices of fuel goods and services have spiraled out of control in the last few months in the country, which has led to a high cost of living for the majority of Ghanaians.
Since 1957 Ghana has entered 17 bailout arrangements with the IMF to restore the health of government finances, having exited the last one in April 2019.