An International Monetary Fund (IMF) team led by Stéphane Roudet is set to visit Ghana from today, Thursday, December 1 to Tuesday, December 13 to continue discussions on the country’s request for a bailout.
IMF made this known in a statement on Wednesday, November 30, 2022.
Ghana turned to the IMF for help in July as the country began to face economic hardships leading to several protests from citizens.
The country is facing a severe economic crisis which has been described by some as the worst in a generation, with rampant inflation and depreciation of the cedi.
In the statement, the IMF stated that “Our objective for this visit is to make further progress toward reaching an agreement on policies and reforms that could be supported by the fund’s lending arrangement.
“The IMF remains fully committed to helping Ghana restore macroeconomic stability, bring relief to Ghanaians in this time of crisis, and lay the foundation for more inclusive growth,”
Ghana in October said the aim was to reach a staff-level agreement with the IMF by the end of December 2022.
The Fund has not yet commented on a timeline but previously said more work was needed on a debt-sustainability analysis.
The finance minister revealed in the 2023 budget that, Ghana’s total public debt stood at GH¢450 billion at the end of November 2022.
The finance minister also promised to cut spending and outlined several measures to boost the country’s revenue and put the country back on track as the government negotiates the relief package with the IMF.
