‘Ghanaians will soon praise us for seeking IMF bailout’ – Agric Minister

Ghana to commence formal engagements with IMF

We believe conditionalities of IMF will be favourable to Ghanaians, Dr Afriyie Akoto

Ghana facing economic distress

Minister of Food and Agriculture, Dr. Owusu Afriyie Akoto has indicated Ghanaians will soon begin to understand government’s decision to turn to the International Monetary Fund (IMF) for a financial

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He argues that Ghanaians will, in due course, praise the governing New Patriotic Party for turning to the Bretton Woods Institution for assistance in salvaging the economy.

Speaking in an interview with Accra-based Adom TV, the Agric Minister called for cool heads to prevail with the belief that conditionalities of the IMF will be favourable to Ghanaians.

“Ghanaians should calm down and wait for the terms that will come out of our engagement with the IMF and they will realize it will be favourable for the people of this country,” the minister stressed.

“Ghanaians will soon praise us for going to the IMF. The IMF is not a stranger that we are going to beg, we are a prominent African member of the Fund and they are there to advise the government. The president in his wisdom has decided it’s about time we spoke to them and we are going to speak to them. The terms we will bring is the most important thing,” he explained.

The minister, in conclusion, defended government’s decision to seek an IMF programme to sustain the economy due to the fallout from the COVID-19 pandemic, the Russia-Ukraine crisis and among others.

He said these factors have disrupted global economic activity and rendered the Ghanaian economy in distress.

Meanwhile, despite stiff opposition against a return to the IMF earlier, President Nana Addo Dankwa Akufo-Addo, on July 1, authorized the finance minister [Ken Ofori-Atta] to engage the IMF for an economic programme.

The IMF in response to the decision indicated its preparedness to assist Ghana on the path of its economic recovery.

In a social media post on July 1, the IMF Resident Representative for Ghana, Dr. Albert Touna-Mama, confirmed that the Ghanaian authorities have reached out to the Bretton Woods Institution.

He also mentioned that the Fund was ready to assist Ghana government to restore macroeconomic stability and safeguard debt sustainability for the country.


MA/ DA