- President Nana Addo Dankwa Akufo-Addo has hinted that Ghana will most likely obtain the financial bailout from the International Monetary Fund (IMF) by the middle of February 2023.
He stated that everything Ghana needs to do or submit in order to reach an agreement with the Fund has been completed, and he believes the processes will be completed by next month.
President Akufo-Addo stated at a meeting with some African-American students from Harvard Business School at the Jubilee House that Ghana’s economy has suffered greatly in recent times, prompting Ghana to seek a bailout from the IMF.
“We’ve had difficulties in the past few years trying to reposition our economy to grow again. Some basic statistics that all of you are familiar with have pushed us back; the energy sector crisis, the global food crisis, and many others and Ghana is yet to escape from all of these crises.
“We are going through the processes with the International Monetary Fund right now and hopefully by the middle of this month or February, a full-blown IMF programme will be put in place which will help us repair our public finances which took a big hit from external forces.”
As part of the processes leading to a bailout, the government reached a staff-level agreement with the International Monetary Fund (IMF) in December 2022.
Ghana is attempting to secure $3 billion from the IMF in order to supplement revenue shortfalls and service external debt.
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