According to reports, the Ghanaian government has contacted the IMF to inquire about the prospect of participating in a bailout program.
George Wiafe, a business reporter for Accra-based Joy News, claims that the government originally contacted the IMF to get financial assistance while the economy recovered from the COVID-19 pandemic’s shocks.
The Bretton Woods Institution, however, insisted that the government could only get assistance if it agreed to a $70 billion scheme.
“What we understand [from our sources] is that this formal engagement looked at what could be in for us [Ghana] if we should go for a fund programme. Let us put it on record that the government has always been going for several fixes even during the Covid-19 times, they were trying to get some support from the Fund.
“What we are picking up is that this [latest] engagement is linked to having a programme for Ghana. That is why we are following this deeply. It was looking at whether Ghana could have gotten some additional support from the fund in terms of monetary.
“The Fund is also saying the fund that they have available…more than $70 billion, you have to sign up to a programme (so that) you can get that support. That is why we are seeing this engagement going on,” George Wiafe said on the ‘Market Place’ programme on Joy News.
Recall that on Monday, June 27, a prominent figure in the ruling New Patriotic Party, Gabby Asare Otchere-Darko, hinted that the government might be able to choose an IMF program option.
The attorney bemoaned the E-failure Levy’s to meet the government’s expectations for generating vital money since its passage in May of this year in a series of posts on his social media account.
He claims that barely 10% of the projected revenue objective has been met by the tax proposal.
Gabby Otchere-Darko claimed that he is not inherently opposed to an IMF program but that
