The United States government has indicated that it will support Ghana’s application for an economic bailout with the International Monetary Fund (IMF), at the board level.

U.S Ambassador to Ghana, Virginia Palmer, who disclosed this, also said the US will support Ghana’s government to strengthen the Ghanaian business environment.

“So we’ve urged the government of Ghana to negotiate with the IMF with urgency, and then, as a Board member, we’ll support those programmes. Further to that, we work with Ghanaian businesses and the Ghanaian government to strengthen the business environment so that Ghana lives up to its international reputation," she said in an interview with JoyNews.

This conversation follows the government's decision to seek an IMF bailout following the current economic crisis, which the U.S. Ambassador has touted as a good move.

Ghana’s economy is currently experiencing soaring levels of inflation and its associated spikes in the cost of living.

As part of measures to mitigate the dwindling economy and also drive the country back onto the path of economic stability, the Finance Ministry is currently rolling out a debt exchange programme.

The US Ambassador also believes the austerity plan is the most feasible way out for Ghana’s economic recession.

Meanwhile, the United States remains the country with the Highest Special Drawing Rights of about $118 billion.

Meanwhile, the Fund (IMF) and Ghana are expected to reach a staff-level agreement on the loan deal by Tuesday, according to JoyNews reports.

According to further reports, board-level approval remains the only hurdle for Ghana to access the much-needed $3 billion from the Bretton Woods institution.

Speaking on how the US government intends to cooperate with Ghana on moving its economy out of the prevailing crisis, American Ambassador to Ghana, Virginia Palmer told Joy News’ Blessed Sogah that “the current economic crisis requires IMF assistance. That’s why those international Financial Institutions were created.”

“So we’ve urged the government of Ghana to negotiate with the IMF with urgency, and then, as a Board member, we’ll support those programmes. Further to that, we work with Ghanaian businesses and the Ghanaian government to strengthen the business environment so that Ghana lives up to its international reputation.”

Source: The Independent Ghana