He said the country needs the IMF loan to solve the economic challenges it faces.
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IMF bailout: We either succeed together or we perish together — Nana Addo
President Nana Addo Dankwa Akufo-Addo is confident that Ghana will be successful with the International Monetary Fund (IMF) bailout.
Nana Addo
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Swearing into office New Ambassadors and High commissioners on Friday, July 8, 2022, the President said "Currently, we have decided to seek collaboration with the International Monetary Fund to repair, in the short run, our finances which have taken a severe hit in very recent times while we continue to work on the medium to long term structural changes that are our heart of our goal to create Ghana beyond aid, that is building a resilient, robust Ghanaian economy.
"I am confident that with determination, hard work, unity, and the proverbial Ghanaian sense of enterprise we will succeed, we will make it and indeed this too shall pass."
He added: "What these trends of events have taught all of us is that we also have to strengthen and deepen our ties of cooperation and bonds of friendship with each other.
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"No country will be able to do it alone. We either succeed together or we perish together and that is where your work as ambassadors and High Commissioners will be needed the most."
Meanwhile, the IMF sent a team to Ghana to begin talks on the possible loan programme.
President Nana Addo Dankwa Akufo-Addo had previously rejected calls to seek financial assistance from the IMF but authorized the Minister of Finance Ken Ofori-Atta to take steps as Ghana faces soaring inflation.
IMF mission chief for Ghana, Carlo Sdralevich said in a statement said "On the basis of a request from the Ghanaian authorities, an IMF staff team will in the coming day kick-start discussions on a possible program to support Ghana’s homegrown economic policies."
He added: "We are at an early stage in the process, given that detailed discussions are yet to take place."
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