
Govt to invest $2bn annually for five years to tackle unemployment
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19th September 2022 11:26:24 AM
1 min readBy: Chris Kodo
In the upcoming weeks, the International Monetary Fund (IMF) will send another mission to Ghana, according to Gerry Rice, the IMF's director of communications, who made the announcement at a media event.
"In July, an IMF staff delegation visited Accra to start preliminary negotiations with the Ghanaian government.
And we defined that mission as positive, launched the procedure, and established the framework for involvement, which is still going strong today.
"Our IMF Mission Chief recently returned to Accra to meet with important peers.
I don't have a certain date for you, but we're aiming for another visit in the upcoming weeks.
As the economy struggles against the backdrop of greater inflation, tighter financial conditions, and poorer growth, Ghana is in a race against time to get a bailout program.
In August, the country's inflation rate reached its highest point in 21 years as a result of the cedi's decline.
From 31.7% in July to 33.9% in August, consumer prices increased.
To support its economy, Ghana needs a $3 billion package from the fund.
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