Even though Ghana’s Finance Minister, Ken Ofori-Atta has said that Ghana is committed to managing its debt without assistance from the International Monetary Fund (IMF), expressing his confidence that government measures were moving the country in the right direction, a statement by the Ministry of Information indicates that the president has authorized the Finance Minister to begin engagement with the IMF.
The Finance Minister has been asked to invite the International Monetary Fund to come in and support an economic program the government put together.
According to government data, Ghana’s total public debt, which stood at about 77% of its gross domestic product at the end of 2021, has pushed one of West Africa’s largest economies to the brink of crisis.
The government in March announced a raft of spending cuts to tackle inflation, reduce the public deficit, restore a depreciating local currency, and reassure spooked investors.
