IMF negotiation: Gov’t won’t compromise on Ghana’s interest

Kojo Oppong Nkrumah speaking at the forum

Minister for Information, Kojo Oppong Nkrumah, has given the assurance that government will safeguard the country’s interest in its negotiation with the International Monetary Fund (IMF).

According to him, the current administration has a proven track record of putting Ghana first and as such, will do its best to negotiate a better deal with the Fund.

“What we can do is to look at the last two times we negotiated with the fund. Somewhere in 2018, when we negotiated an extension of the Extended Credit Facility (ECF), at that time we had rolled out a number of social protection programmes and there was that debate of, are we going to lose that programme in lieu of that one year extension.

“But we succeeded in showcasing the kind of growth happening in the economy for which reason we should be allowed to keep these programmes. Then just last year, when we went for a 1 billion facility, So if you look to the evidence of the last two, I think we can be optimistic that we will do our best to get the best deal for Ghana,” the Minister said.

He was speaking at the 3 Business Colloquium on Ghana’s Road to the IMF on Wednesday, July 6, 2022.

President Nana Addo Dankwa Akufo-Addo last Friday authorised Finance Minister, Ken Ofori-Atta, to commence formal engagements with the IMF, inviting the Fund to support an economic program put together by the government of Ghana.

A statement issued by the Ministry of Information said this follows a telephone conversation between the President and the IMF Managing Director, Miss Kristalina Georgieva, conveying Ghana’s decision to engage with the Fund.

On the back of this, a high-level delegation from the IMF arrived in the country yesterday to start discussions with the government on how to support the country out of its current economic challenges. The delegation will commence in-person meetings with the government today in connection with the country’s request for an IMF-backed programme.


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