The President, Nana Addo Dankwa Akufo-Addo, has directed Finance Minister, Ken Ofori-Atta to commence negotiations with the International Monetary Fund (IMF) for financial bail out.
The order given by the President follows a telephone conversation between the President and the head of the Bretton Woods Institution.
There has been increasing calls for the country to seek financial bail out following the gross mismanagement of the economy under President Akufo-Addo.
A leading member of the New Patriotic Party (NPP), Gabby Otchere-Darko,, Gabby Otchere-Darko had earlier in the week hinted of the Government to go to the IMF for a bail out.
According to him, any move or plan by the government to go to the IMF for a programme would be a matter of principle.
“Am I against an IMF programme in principle? No. I am not for an IMF programme that throws peanuts at us but imposes conditions that will end up hurting the poor, jobs and businesses more.
“Covid-19 and War in Ukraine are not of Africa’s doing, but more to our doom. A programme that pretends it is all our doing is doomed to fail,” he tweeted on Monday, June 27.
Gabby Otchere-Darko said although the current economic difficulties faced by Ghana and other Africa countries are driven by external factors, the government is focused on implementing measures that will address them.
A letter from the Presidency said President Akufo-Addo has given the green light for negotiations to begin so the country can go to the IMF for Financial Bail out.
Below is the letter: