Gov’t Formally Applies To IMF

Zhu Min, IMF

Zhu Min, IMF

Zhu Min, IMF
Government has officially request management of the International Monetary Fund (IMF) for discussions on how to overcome the current economic crunch.

This follows a confirmation by IMF that it has received a formal request from Ghana for a probable aid to deal with the economic crisis.

A statement from the IMF and signed by its Deputy Managing Director, Min Zhu, said the Fund was prepared to help Ghana address the current challenges.

But it is unclear if government will opt for technical expertise or financial aid from the Washington based lender.

‘The Fund stands ready to help Ghana address the current economic challenges it is facing. We expect to send an IMF team to Ghana in early September to initiate discussions on a program.’

Government announced the decision to seek assistance from the Fund to rescue the country from further plummeting after the local currency plunged to about 40 per cent this year against the US dollar, making the cedi the worst performing currency in the world in 2014.

According to the statement, an IMF team is expected to be in Ghana in early September to initiate discussions on the program.

Seth Terkper, Finance Minister, in an interview with Joy Business recently, said government’s most urgent concern is to stabilize the cedi and reduce the fiscal deficit.’

Ghana’s last programme with the Fund ended in June 2012 and that made it possible for the country to access some $602 million from the institution.

By Samuel Boadi

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