“Ghana’s Pres. Akufo-Addo says an IMF bailout is ‘necessary to restore public finances.’ SPOILER ALERT: None of Ghana’s previous 17 IMF bailouts restored anything. They all failed,” Steve Hanke, an economist and professor at Johns Hopkins University, said on Monday.
Ghana’s president announced his intention to request a loan from an international lending organization for the 18th time, even though the previous 17 attempts failed to stabilize the economy, according to experts.
President Nana Akufo-Addo said a bailout from the International Monetary Fund is “necessary to restore public finances” as Ghana struggles through aftereffects of the COVID-19 pandemic and the ongoing global economic downturn, Africa News reported Thursday. Ghana has negotiated 17 IMF arrangements since membership in the organization, according to the IMF website, but analysts warn the economy is still teetering on the edge of default, according to Al Jazeera.
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