by the ministry of information, President Nana Addo Dankwa Akufo-Addo asked Ken Ofori-Atta, finance minister, to commence formal engagements with IMF in view of securing support to address economic woes in the country.
Meanwhile, the latest announcment to seek support comes after the government had repeatedly said it would not seek a monetary program from the IMF.told BloombergThe announcement has also generated reactions from Ghanaians who took social media to express their feelings about the further devaluation of the country’s currency.
“This letter is telling us that Ghana won’t be able to meet the financial obligations for international trade without the IMF- Low supply of forex. Put differently, Ghana is asking the IMF to do for the cedis what the CBN in Nigeria has been doing for the naira to keep the cedis stable,” he said.“The expectation is that the cedis may depreciate further at a much faster pace should IMF not intervene quickly.
This letter is telling us that Ghana won't be able to meet the financial obligations for international trade without the IMF- Low supply of FOREX. Put differently, 🇬🇭is asking the IMF to do for the cedis what the CBN in 🇳🇬has been doing for the Naira to keep the cedis stable
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