Until an IMF relief package is negotiated, lawmakers from Ghana’s ruling party have halted their campaign to have Finance Minister Ken Ofori-Atta removed from office (IMF). The economic situation in Ghana is at its worst in years. Since the beginning of the year, its currency has lost 52% of its value relative to the US dollar, and annual inflation has increased to 37%.
President Nana Akufo-Addo allegedly promised the New Patriotic Party in a statement that “their requests would be acted upon” following the passage of the 2023 budget and the conclusion of ongoing IMF support negotiations.
After series of engagement and deliberations, the President and the Majority Caucus in Parliament have agreed that the demand by some MPs be deferred until after the IMF deal is reached, the Budget Statement is read and the Appropriations Bill is passed. pic.twitter.com/RrimQ9coNK
— New Patriotic Party (@NPP_GH) October 27, 2022
Due to the situation of the economy and the declining value of the local currency, the cedi, some lawmakers had urged the immediate dismissal of the finance minister and his deputy on Tuesday.
The minister is now negotiating an IMF bailout package of $3 billion (£2.6 billion).
