November 27, 2022

Ghana seeks $3 billion IMF aid

Kanako Mita and Hiroshi Saito

Fashionable Tokyo Instances

The federal government of Ghana faces main financial woes. Therefore, the Finance Minister, Ken Ofori-Atta, is hoping to acquire an emergency aid bundle from the Worldwide Financial Fund (IMF).

Ofori-Atta – condemned by some lawmakers for being incompetent – is ironing out the aid bundle with the IMF. The overall quantity in negotiation is $3 billion.

Internally, opposition lawmakers accuse Ofori-Atta of unethical enterprise contracts and breaking the code of official guidelines. Therefore, at a time of rising financial hardship, allegations of corruption are the very last thing any authorities needs.

He denies all wrongdoing and mentioned, “The folks of Ghana are enduring hardships. I really feel the ache personally, professionally, and in my soul.”

Reuters reviews, “The Ghanaian cedi has plummeted greater than 40% this 12 months, straining importers of each uncooked and processed supplies. Shopper inflation hit a 21-year excessive of 40.4% in October on the again of hovering import prices.”

Ofori-Atta, regarding negotiations with the IMF, mentioned, “We’re practically by means of the IMF negotiations. We’re working assiduously to attain a staff-level settlement by the tip of December 2022.”

Stéphane Roudet – who leads the IMF staff coping with Ghana’s request – mentioned, “The Ghanaian delegation and IMF workers had very fruitful discussions on the authorities’ post-COVID program for financial progress and related insurance policies and reforms that could possibly be supported by a brand new IMF association.”

Roudet continued, “We made good progress in figuring out particular insurance policies that may restore macroeconomic stability and lay the muse for stronger and extra inclusive progress. The IMF staff and the Ghanaian authorities stay absolutely dedicated to reaching settlement on a framework and insurance policies for an IMF-supported program as quickly as possible. Discussions will proceed within the weeks forward, with a follow-up mission to happen expeditiously.”

Avenue protests have damaged out in Ghana. Nevertheless, the IMF deal is at a fragile stage. Subsequently, the federal government appears doubtless to stick with Ofori-Atta till the settlement is finalized.

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