Finance

IMF team to arrive in Ghana Wednesday

A team from the International Monetary Fund(IMF) is likely to arrive in Ghana on Wednesday, July 06, 2022, to begin talks on the West African nation’s economic bailout.

The maiden meeting will focus on the modalities for a package to support Ghana’s economy.

Ghana is seeking the support of the International Monetary Fund (IMF) to help address the country’s economic woes.

A Press Statement issued by the Information Ministry said: “The President of the Republic, Nana Addo Dankwa Akufo-Addo, has authorized Finance Minister Ken Ofori-Atta to commence formal engagements with the International Monetary Fund (IMF), inviting the Fund to support an economic program put together by the Government of Ghana.”

This follows a telephone conversation between the President and the IMF Managing Director, Miss Kristalina Georgieva, conveying Ghana’s decision to engage with the Fund.

Meanwhile, the decision has the full backing of Cabinet following a meeting held on June 30th, 2022.

Ghana’s economy is in bad shape with fiscal slippages, weakened forex reserves, inflation and exchange rate getting worse by the day.

Fuel and food prices are hitting records high, while the local currency has lost over 30 percent of its value since the turn of 2022.

The country’s last programme, an Extended Credit Facility with the Bretton Woods institution, ended on April 2, 2019.

The programme resulted in significant macroeconomic gains with rising growth, but four years down the line, the economy is gasping for breath.

Source: Kasapafmonline.com

Ogyem Solomon

Solomon Ogyem – Media Entrepreneur | Journalist | Brand Ambassador Solomon Ogyem is a dynamic Ghanaian journalist and media entrepreneur currently based in South Africa. With a solid foundation in journalism, Solomon is a graduate of the OTEC School of Journalism and Communication Studies in Ghana and Oxbridge Academy in South Africa. He began his career as a reporter at OTEC 102.9 MHz in Kumasi, where he honed his skills in news reporting, community storytelling, and radio broadcasting. His passion for storytelling and dedication to the media industry led him to establish Press MltiMedia Company in South Africa—a growing platform committed to authentic African narratives and multimedia journalism. Solomon is the founder and owner of Thepressradio.com, a news portal focused on delivering credible, timely, and engaging stories across Ghana and Africa. He also owns Press Global Tickets, a service-driven venture in the travel and logistics space, providing reliable ticketing services. He previously owned two notable websites—Ghanaweb.mobi and ShowbizAfrica.net—both of which contributed to entertainment and socio-political discussions within Ghana’s digital space. With a diverse background in media, digital journalism, and business, Solomon Ogyem is dedicated to telling impactful African stories, empowering youth through media, and building cross-continental media partnerships.

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