Another IMF mission due in coming weeks

The International Monetary fund(IMF) is set to deploy another mission to Ghana in the coming weeks, Gerry Rice, the Director of Communications for the IMF said at a media engagement.

“We had an IMF staff team in Accra in July to begin initial discussions with the Ghanaian authorities. And we characterized that mission as constructive, kickstarted the process, and laid the groundwork for engagement, which now continues.

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“Our Mission Chief for the IMF also recently visited Accra, again, to meet with key counterparts. And we’re hopeful for another visit in the coming weeks, I don’t have a date for you, but in the coming weeks,” Gerry Rice disclosed.

Ghana’s economy races against time to tie down a bailout programme as the economy struggles against the backdrop of higher inflation, tighter financial conditions, and weaker growth.

The country’s inflation rate climbed to the highest level in 21 years in August fueled by a slide in the cedi. Consumer prices surged 33.9% in August from 31.7% in July.

Ghana is in dire need of a $3 billion package from the fund to shore up its economy.

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