Official negotiations for a package of economic assistance for Ghana are scheduled to start soon between the Ghanaian government and the International Monetary Fund.

Upon reaching an agreement on a program, Ghana is reportedly looking to receive $3 billion from the Fund over the course of three years.

The latest loan request was for $2.5 billion, which was double the previous $1.5 billion goal set by the administration.

The talks between IMF representatives and Ghanaian authorities will begin on Monday, September 26, 2022, according to a Joy Business article.

The COVID-19 pandemic and Russia's invasion of Ukraine were recently blamed by the IMF's managing director, Kristalina Georgina, for the current economic circumstances in Ghana.

According to her, these two factors have significantly impacted other economies hence Ghana’s economic challenges cannot be blamed on bad policies implemented by the Ghanaian government.

“Like everybody on this planet, Ghana has been hurt by exogenous shocks, first the pandemic, then Russia’s war in Ukraine, and we need to realize that Ghana’s challenge is not because of bad policies, but the combination of external shocks,” she indicated.

The IMF boss also speaking on Ghana’s possible programme said her outfit is determined to reach an agreement with the Government of Ghana by the end of this year.

She added that constructive discussions have so far been held with Ghanaian authorities for a possible economic support programme.

On July 1, 2022, President Nana Addo Dankwa Akufo-Addo ordered Finance Minister, Ken Ofori-Atta to present an economic rescue programme to the IMF following the current economic conditions in the country.

Subsequently, a team from the Fund led by Carlo Sdralevich visited Ghana between July 6 - 13, to gather relevant data and met with relevant stakeholders.