The International Monetary Fund (IMF) has expressed its willingness to help Ghana stabilize its economy.
This was disclosed by the IMF’s Managing Director, Kristalina Georgieva in a tweet after a meeting with the Finance Minister, Ken Ofori-Atta.
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Constructive meeting w/🇬🇭 Finance Minister Ofori-Atta & his team on Ghana’s economic challenges and the way forward.
— Kristalina Georgieva (@KGeorgieva) August 26, 2022
We are ready to do our part to help the authorities stabilize the economy, lay the ground for stronger growth & help the most vulnerable. pic.twitter.com/ueQ4d3uY8k
The IMF concluded a fact-finding mission to Ghana in July in which it met with key stakeholders like the Vice President, Finance Minister, and the Bank of Ghana.
READ ALSO: Fitch downgrades Ghana’s credit rating to 'CCC'
Ghana was recently downgraded by Fitch Ratings from B- to CCC.
The country’s inflation rate also hit 31.7 percent in the month of July 2022.
Fitch expects a deal with the IMF to be in place within six months.
It also estimates that Ghana could benefit from as much as $3 billion and unlock budget support from other multilateral lenders.