Minister of Information, Kojo Oppong Nkrumah, has clarified why Ghana's financial issues surpass the current bailout package that the government is requesting from the International Monetary Fund (IMF).

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He emphasized that although Ghana was a victim of international economic difficulties, the country's current $3 billion bailout support depended on a domestic initiative created by the government.

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"Anytime I speak about the IMF, I am quick to mention that the IMF transaction is not the solution to our problems," he said in an interview on Joy News' The Probe programme on November 12.

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He continued: "The IMF transaction is financing to underpin our PC-PEG [Post Crisis Programme for Economic Growth], which is our programme to recover from the economic challenges that we've had.

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"The entire world has had economic challenges. In fact, I was watching a speech of the former President Mahama delivered abroad just about a week ago where he explains how the challenges in the global economy affected the Ghanaian economy.

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"Everybody knows that there has been a global economic challenge and it has affected Ghana, and various countries have been developing their various plans,” he added.

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The government denied in a statement released late last week that it had missed the deadline of November 1 for the release of the second tranche of US$600 million from the IMF bailout.

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The minister explained: "The first review has been concluded and Ghana was successful in that review.

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"I think at the end of that review, there was a joint conference between Ghana's Finance Minister and the Head of the IMF team, and a staff level agreement was signed and announced to undergird our parts of the first review.

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"And then it was mentioned that the staff level agreement would have to go to the IMF Executive board which board meets in the 3rd week of November to give its approval, and when that approval is given, then the second tranche would be disbursed,” he stressed.

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The economy has been a hot topic in recent months due to a downturn brought on by skyrocketing inflation, declining currency value, and a general decline in the standard of living combined with high living expenses.

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Before agreeing to a US$3 billion IMF loan last year, of which US$600 million as tranche one has been credited to the government account, the government repeatedly pointed the finger at the fallout from COVID-19 and the Russia-Ukraine war.

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