Ghana is about to start a formal engagement with the International Monetary Fund (IMF) over a bailout.
President Akufo-Addo has authorized the Finance Minister, Ken Ofori-Atta to commence the engagement formally.
This was disclosed by the Minister of Information, Kojo Oppong Nkrumah in a statement.
According to the statement, President Akufo-Addo had a telephone conversation with the IMF Managing Director, Miss Kristalina Georgieva and conveyed Ghana’s decision to engage with the Fund.
Cabinet has also indicated its support for the decision following a meeting on June 30, 2022.
“The engagement with the IMF will seek to provide balance of payment support as part of a broader effort to quicken Ghana’s build back in the face of challenges induced by the Covid-19 and, recently, the Russia-Ukraine crises,” the statement added.