Bawumia speaks on economy and Ghana’s IMF engagement on July 14

Vice-President Dr Mahamudu Bawumia is expected to speak on Ghana’s engagement with the International Monetary Fund (IMF) at a public event on 14 July.

According to a Facebook post on Tuesday (5 July 2022), his spokesperson Gideon Boako said Bawumia will be speaking to “current national economic developments and government’s engagement with the IMF” at the official launch of the collaboration between the Accra Business School and the South East Technological University, Ireland.

Boako said the vice-president had already agreed weeks ago to grace the event as special guest before the government officially started process to engage the IMF.

“He will perform a double role addressing the theme for the occasion and at the same time speaking to current national economic developments and government’s engagement with the IMF,” Boako posted on Facebook.

IMF staff visit

Meanwhile, the IMF staff team, led by Carlo Sdralevich, mission chief for Ghana, will visit Accra from 6 –13 July to begin initial discussions with the Ghanaian authorities about a possible IMF-supported programme.

In a statement, Sdralevich said, “On the basis of a request from the Ghanaian authorities, an IMF staff team will in the coming days kick-start discussions on a possible program to support Ghana’s homegrown economic policies.”

“We are at an early stage in the process, given that detailed discussions are yet to take place.”

The statement added, “The IMF stands ready to assist Ghana to restore macroeconomic stability, safeguard debt sustainability, and promote inclusive and sustainable growth, and address the impact of the war in Ukraine and the lingering pandemic.”

“We are looking forward to our engagement with the authorities in Accra.”

Ghana’s decision to opt for an IMF programme has been greeted with mixed reactions, with concern about what it may mean for public sector jobs and social programmes.

On 1 July 2022, President Akufo-Addo authorised the Minister for Finance, Ken Ofori-Atta, to commence formal engagements with the International Monetary Fund (IMF).

A statement signed by the Information Minister, Kojo Oppong Nkrumah, said the president’s directive to the Finance Minister followed a telephone conservation between President Akufo-Addo and the IMF managing director, Kristalina Georgieva, conveying Ghana’s decision to engage with the Fund.

“The engagement with the IMF will seek to provide balance-of-payments support as part of a broader effort to quicken Ghana’s build-back in the face of challenges induced by the COVID-19 pandemic and, recently, the Russia-Ukraine crises,” the statement read.