IMF to begin economic support package talks with Ghana

Ghana is set to begin talks with the International Monetary Fund (IMF) from July 6th to the 13th to discuss the possibility of an economic support package. John Gatsi, the Dean of the School of Business at the University of Cape Coast in Ghana, emphasized the importance of data and compliance with IMF structures for the country to qualify for the program. He highlighted the significance of accurate data from sources such as Stascastevi, the Ministry of Finance, the Ghana Revenue Authority, and the Bank of Ghana in determining Ghana's eligibility for the IMF support. Gatsi noted that Ghana had previously engaged with an IMF program in April 2019, and the upcoming discussions will play a crucial role in determining the level of support the IMF may provide. The Dean also pointed out that while some view Ghana's situation as more of a debt management issue, the government is seeking balance of payment support to stabilize the economy. He suggested that debt restructuring could be a viable solution to address the current challenges in monetary policy management. Anticipating the impact of the potential IMF support, Gatsi mentioned that it could lead to a positive effect on inflation, currency stability, and overall economic performance, ultimately helping Ghana change course and enhance its economic outlook.