A two-member delegation, led by the new International Monetary Fund (IMF) Mission Chief for Ghana, Stephane Roudel, paid a courtesy call on the Governor of the Bank of Ghana (BoG) on Wednesday.
This follows Stéphane Roudet’s appointment as the new IMF Mission Chief for Ghana, effective September 1, this year.
The new Mission Chief was in the country to engage various government institutions and other key stakeholders ahead of Ghana’s Fund-supported programme.
In Governor Addison’s team was the First Deputy Governor of the Bank of Ghana, Dr. Maxwell Opoku-Afari, Director of Research, Financial Markets, Financial Stability and Banking Supervision Departments of the Bank.
Mr. Roudet arrived a day after the Managing Director of the IMF, Kristalina Georgieva, reiterated the Fund’s commitment to reaching an economic agreement with the Ghana Government by the end of the year.
Background
Ghana is requesting US$3 billion from the IMF to help the nation get through the harsh economic crisis it is currently experiencing as a result of the deadly coronavirus pandemic and the ongoing conflict between Russia and Ukraine.
A settlement between Ghana and the IMF should be reached and completed before the end of the year, according to Kristalina Georgieva, the Managing Director of the International Monetary Fund.
In a private meeting with President Akufo-Addo on Monday, September 5, on the sidelines of the Africa Adaptation Summit in Rotterdam, Netherlands, the IMF boss told Akufo-Addo: “We understand the urgency, and we will move as quickly as possible.”
Describing Ghana as a “superb country”, she reiterated the determination of the Fund to work with Government and the Ministry of Finance, and ensure that an agreement is in place before the end of the year.
On his part, President Akufo-Addo indicated to the IMF boss that a lot of work has been done by Cabinet and the Ministry of Finance, and the document to be presented by the Ghana side “is ready for the scrutiny of the IMF.”
However, Kristalina Georgieva has underlined that external shocks rather than domestic factors are to blame for Ghana’s current economic difficulties.
Speaking outside of the Fund’s meetings with the Ghanaian team, Kristalina Georgieva said that, in contrast to the opposition narrative that Ghana’s problems are the result of the Akufo-Addo administration’s poor policies, the IMF chief said that the causes are exogenous.
