Bawumia to speak on IMF bailout decision on July 14

Vice-President Dr. Mahmudu Bawumia is expected to speak on the country’s decision to seek International Monetary Fund (IMF) bailout on Thursday, July 14.

This was disclosed by a leading member of the New Patriotic Party, Gabby Otchere-Darko in a tweet on Tuesday.

Dr. Mahmudu Bawumia will be speaking as a Guest of Honour at the official launch of an event organised by the Accra Business School and South East Technological University in Ireland.

Meanwhile, a delegation from the International Monetary Fund (IMF) will hold a series of meetings with government officials on Ghana’s economic recovery programme, beginning Wednesday July 6.

The meeting is taking place after Ghana announced it would engage the Fund for assistance.

President Akufo-Addo on Friday authorised the Ministry of Finance to formally engage the Fund for a Balance of Payment support.

A statement released by the Ministry of Finance on Monday said the IMF delegation would arrive in the country on Tuesday.

According to the Information Minister, Kojo Oppong Nkrumah, the Bank of Ghana (BoG) needs about $3 billion to shore up its buffer.

Out of the figure, he says there is already $1 billion available.

“Already, you recall that the Finance Minister initially indicated that there were arrangements to get about $2 billion, out of which there is $1 billion available. Parliament has to approve for us to receive so that the cedi does not depreciate further.

“We have a shore up of our reserves to be able to meet the liquidity and debt servicing obligations even as our domestic measures will get better. You have the window to start talking to the Fund,” he said in an interview on The Probe on Sunday, July 3.