Ghana, which a few years ago opted for a $3 billion bailout from the International Monetary Fund (IMF), has committed to never finding itself in such a position again.
The West African country’s current Finance Minister, Dr Cassiel Ato Forson, referencing Ghana’s economic struggle prior to receiving a substantial loan from the IMF, stated that Ghana will no longer seek a financial bailout from the global lender.
“It is important to recount this not to dwell on the past, but to remind ourselves of the heavy price of fiscal indiscipline and economic recklessness, and to affirm our collective resolve that Ghana must never return to that path,” the Finance Minister said.
During an address to the parliament on Thursday, on Ghana’s new engagement with the IMF, the Minister noted that some lessons are hard-learned, and the country is doing everything possible not to revert to the economic low experienced in 2022.
Dr. Forson explained that, upon the successful conclusion of the final review of the current International Monetary Fund (IMF) program, the nation will transition to a non-financing framework designated as a Policy Coordination Instrument (PCI).
