He said the decision to go to the IMF for a bailout was against the policies his government have been implementing.
Going to the IMF was against my economic transformation agenda – Akufo-Addo
President Nana Addo Dankwa Akufo-Addo has lamented how painful it was for him and his government to seek a bailout from the International Monetary Fund (IMF).
In a speech to the nation on Sunday, May 28, 2023, President Akufo-Addo said that the decision was made after careful consideration of all options.
He said that the IMF deal was necessary to help Ghana’s economy recover from the impact of the COVID-19 pandemic and the war in Ukraine.
“It was a painful decision for me to take, because going to the IMF was not part of the economic transformation agenda I had been pursuing, especially as my government had gone the extra mile to bring to a successful end the IMF programme we inherited from the previous government,” Akufo-Addo said.
Akufo-Addo believes the program will however help to restore confidence and reopen avenues that have been closed to the country in recent years.
“Access to the IMF facility will not spell the immediate end of the difficulties we are in presently, but the fact that we have been able to negotiate such a deal sends a positive message to our trading partners, creditors, and investors,”
Akufo-Addo said that the IMF deal will help to restore confidence in the Ghanaian economy, which has been battered by the COVID-19 pandemic and the war in Ukraine.
He said that the deal will also help to reopen avenues that have been closed to Ghana in recent years, such as access to international capital markets.
“It should lead to the restoration of confidence and the reopening of avenues that have been closed to us this past year and a half,” Akufo-Addo said adding that it will also “lead to the resumption of infrastructural projects that have stalled”.
The IMF deal is expected to provide Ghana with $3 billion in financial assistance within 36 months.
The deal will also require Ghana to implement a number of economic reforms, such as reducing government spending and other fiscal measures.
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