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Ghana will not return to IMF after April exit – Akufo-Addo

Emmanuel Ayamga

President Akufo-Addo has reaffirmed that Ghana will not return to the International Monetary Fund (IMF) for support after the country exits the program in two months’ time.

President Akufo-Addo
President Akufo-Addo

According to him, the government remains committed to ensuring that the country does not return to the program immediately after exiting.

Ghana entered the IMF’s Extended Credit Facility program in 2015, but is now et to exit on April 3 this year.

Delivering his third State of Nation Address to Ghanaians in Parliament on Thursday, the President said fiscal discipline is key if Ghana is to avoid returning to the IMF for the 17th time.

Akufo-Addo's State of the Nation Address (Graphic.com.gh)
Akufo-Addo's State of the Nation Address (Graphic.com.gh) Pulse Ghana
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“We’ve just concluded the program with the IMF and with continued discipline, we shall sign off from the deal in April,” Nana Addo reiterated.

“This is the 16th time Ghana has had to go to the IMF in its history. Mr. Speaker, we cannot make the progress we all desire unless we are consistent and disciplined in the management of our economy. We have gone through another round of painful impositions to get to where we are today with healthy fundamentals.”

He said his government will not be careless to repeat the past actions that led to Ghana returning to the IMF.

He explained that things will be done differently, henceforth, adding that legacy debts will be paid in order to boost business confidence.

“As we prepare to exit from the IMF program we expect the impressive figures and good performance to continue. We are very much aware that this is not the first time we have had such good a set of figures, but we’re determined to do things differently this time around.

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“We’ve imposed on ourselves fiscal discipline, we’re paying off legacy debts and deepening good governance practice and business confidence is growing. We will maintain the discipline and bring progress to our country,” the President added.

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Emmanuel Ayamga Emmanuel Ayamga Writer with special interest in sports and other stories of social interest. Follow him on Twitter @TheAyamga

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