President Akufo-Addo has asked Japan to help Ghana secure a deal with the International Monetary Fund (IMF). 

According to the president, Ghana is counting on Japan to secure the $3 billion balance of payment support.

President Akufo-Addo said the bailout will boost the recovery of Ghana’s economy. 

“Ghana is also counting on the support of Japan in reaching a favourable agreement with the International Monetary Fund which will pave the way for the robust recovery of Ghana’s economy,” President Akufo-Addo said at a meeting with the Japanese Prime Minister, Fumio Kishida. 

Ghana is currently before the Bretton Woods Institution for a $3 billion bailout. 

As a result, government has renegotiated its domestic debt and is on course with foreign partners as well. 

However, critics of the government have argued that it went to the International Monetary Fund (IMF) late. 

As a result, the country which is struggling with its worst economic crisis in a generation, secured a staff-level agreement with the International Monetary Fund (IMF) in December for a $3 billion loan, though asking lenders to provide financing assurances is a condition for the IMF’s board to sign off the programme.

Meanwhile, the Chinese government has given a strong indication that it is willing to help Ghana secure the balance of payments bailout from the IMF.

According to the Chinese government, it has an obligation to ensure the Ghanaian economy does not collapse.