Ghana has revealed plans to approach the International Monetary Fund – IMF for a bailout after escalating cost of living in the country became too much. President Akufo-Addo has ordered Finance Minister, Ken Ofori-Atta to commence formal engagements together with the IMF to support the government’s economic program. The Government had confessed in the statement that they were facing a lot of challenges in the country owing to the Covid-19 pandemic and the Russia-Ukraine war crises.
Previously before this, the government declined the option of borrowing from the IMF to bail itself out. The Finance Minister, Ken Ofori-Atta additionally stated that he planned to increase the country’s resources to support the economic programs of government. However, the increased pressure on the nation’s economy, skyrocketing food prices, fuel price hikes, and recent agitations have forced the government to reconsider its stance.
The government’s decision to begin discussions with the IMF for the economic bailout is coming after a two-day protest by the pressure group, Arise Ghana. The group, Arise Ghana had been protesting against the constant and skyrocketing fuel price hikes in the nation. According to the group, the demonstrations were a channel to voice out their grievances about the economic hardships on citizens in Ghana.
