IMF Sending Team To Ghana To Start Aid Talks
Written by on July 6, 2022
The IMF will send a team to Ghana this week to begin talks on a possible loan program for the West African nation, the fund announced Tuesday.
The nation’s President Nana Akufo-Addo had previously rejected calls to seek financial assistance from the IMF, but last week authorized the step as the country faces soaring inflation.
Carlo Sdralevich, IMF mission chief for Ghana, will lead the International Monetary Fund staff team visit to Accra July 6-13.
The announcement came followed two days of protests in the capital over the rising cost of food and fuel, after the country was hit with inflation of more than 27 percent in May — the highest in almost two decades.
Data from Ghana’s central bank indicates the country’s debt-to-GDP ratio was 80.1 percent at the end of last year, and fuel prices have shot up as a result of Russia’s invasion of Ukraine.