On Monday, September 26, 2022, a delegation from the International Monetary Fund is scheduled to land in Ghana to begin formal loan request negotiations with the government of Ghana.

According to a report from Reuters, the negotiations would be focused on the policies and changes that the IMF might support as part of a program of economic assistance for Ghana.

Once an agreement on a program is reached, Ghana hopes to receive $3 billion from the Fund over the course of three years.

To get the cash in the first quarter of 2023, the government expects to wrap up negotiations by the end of this year.

The IMF officials are expected to be in the country until October 7, 2022.

Meanwhile, Government has routinely explained that recent economic headwinds are attributable largely to the ravages of the COVID-19 pandemic, the ongoing Russia-Ukraine war and the banking sector clean-up.

The rippling effect has been an increase in the cost of living, record high inflation rates and downgrades of the economy by rating agencies such as S&P and Fitch – a situation which has dealt a heavy blow to government’s ability to access the international capital market.

The Cedi has also been on a free fall compelling the Bank of Ghana to resort to hiking its monetary policy rate to deal with the situation.

The worsening economic situation compelled the government in July to initiate contact with International Monetary Fund for an economic support programme.