IMF discussions: Government postpones mid-year budget review

The mid-year budget review scheduled for July 13, 2022, has been postponed until further notice.

The mid-year budget presentation, according to Citi News has been postponed due to the current discussions between the Government of Ghana and the International Monetary Fund (IMF) on a possible bailout for the country’s economy.

The IMF has been engaged in a series of meetings with stakeholders of Ghana’s economy, including government’s Economic Management Team, the Presidency, and the Finance Committee of Parliament.

The IMF team has been in Ghana since last week.

The Fund’s officials are led by Mission Chief for Ghana, Carlo Sdralevich, as the fate of Ghana’s financial future is tabled for discussion amid hue and cry from the public over the ever-increasing cost of living.

The Finance Ministry earlier revealed that the engagement will be a seven-day activity with the IMF officials.

Ghana is expected to request support of almost $2 billion to shore up its finances.

Meanwhile, the Minister of Trade and Industry, John Kwadwo Alan Kyerematen, has defended the government's decision to go to the International Monetary Fund (IMF) to seek a loan and solve the economic challenges in the country.

He opined that seeking an IMF bailout should not be considered a negative policy choice.

I believe that we need to have this conversation by acknowledging a few fundamental facts. First, it appears currently, that our country is confronted with economic challenges which have been primarily occasioned and driven by the combined effect of the COVID-19 pandemic as well as the Russia-Ukraine conflict. So this is a fact that we cannot run away from, he stated.

Speaking on Metro TV's Good Evening Ghana, Alan stated that Secondly, going to the IMF ought not to be seen as a negative policy choice. I believe that the negativity associated with going to the IMF for support has been driven by the rather rancorous political discourse over the years. It doesn't matter whether it is the NDC or the NPP that is leading that discourse.

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