July 8, 2022

President Akufo-Addo Speaks On IMF Bailout

President Akufo-Addo has for the first time spoken publicly about his decision to undertake an International Monetary Fund (IMF) programme despite his government’s insistence on a homegrown solution to Ghana’s economic downturn a few months ago.

Speaking at a ceremony at the Jubilee House to mark the appointment of ten envoys, the president said the country’s run to the IMF was for a short-term repair to the ravaged finances of the country.

“In our case, we have decided to seek the collaboration of the International Monetary Fund (IMF) to repair in the short-run, our public finances which have taken a severe hit in very recent times as a result.

“While we continue to work, on the medium to long term structural changes, that are at the heart of our goal of creating a Ghana beyond aid, that is building a resilient, robust economy”.

He expressed confidence in the aftermath of the programme.

“I’m 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”.

On July 1, 2022, the Information Ministry announced President Nana Addo Dankwa Akufo-Addo authorised the Finance Minister, Ken Ofori-Atta to commence formal engagements with the International Monetary Fund to support an economic programme.

The delegation from the IMF arrived in Ghana on June 5 and began an in-person meeting with Ghanaian authorities on June 6, 2022.

Source: opemsuo.com/Hajara Fuseini

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