President Nana Addo Dankwa Akufo-Addo has once more defended his choice to approach the International Monetary Fund (IMF) for financial assistance, claiming that it was a difficult but necessary choice.
President Akufo-Addo stated that the choice was made after carefully weighing all of the options in a speech to the nation on Sunday, May 28, 2023.
He noted that the IMF agreement was essential for assisting Ghana’s economy in recovering from the effects of the COVID-19 pandemic and the conflict in Ukraine.
Going to the IMF was not in line with the agenda I had been pursuing for economic transformation, especially since my government had gone above and beyond to bring the IMF programme we had been implementing to a successful conclusion.
“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.
Ghana is expected to receive $3 billion in financial assistance from the IMF within 36 months.
Ghana will also be required to implement a number of economic reforms, such as reduced government spending and other fiscal measures, as part of the agreement.
Akufo-Addo stated that the government is committed to implementing the IMF-mandated reforms.
Despite the hope in the IMF agreement, President Akufo-Addo stated that the programme will not immediately end Ghana’s difficulties.
“Access to the IMF facility will not put an end to our current difficulties. However, the fact that we were able to negotiate such a deal sends a positive message to our creditors and investors,” Akufo-Addo said during his address on Tuesday.
