Ghana’s President, Nana Addo Dankwa Akufo-Addo, has stated that his government’s negotiations with the International Monetary Fund (IMF) for support to stabilize the country’s ailing economy are “at an advanced stage and going well.”
President Akufo-Addo on Sunday night, October 30, 2022, addressed Ghanaians on the economic challenges facing the country.
“I urge us all to see the decision to go to the International Monetary Fund in this light. We have gone to the Fund to repair, in the short term, our public finances, and restore our balance of payments, whilst we continue to work on the medium to long-term structural changes that are at the heart of our goal of constructing a resilient, robust Ghanaian economy, and building a Ghana Beyond Aid.”
“I am able to report to you, my fellow Ghanaians, that the negotiations to secure a strong IMF Programme, which will support the implementation of our Post COVID-19 Programme for Economic Growth and additional funding to support the 2023 Budget and development programme, are at advanced stages, and are going well,” Akufo-Addo added.
Akufo-Addo further emphasized that his government is determined to secure the aforementioned arrangements quickly to bring back confidence and relief to Ghanaians.
There are concerns Ghana may not be able to secure the IMF deal on time to save the economy from further struggles as Ghanaians lament skyrocketing inflation and a weakened cedi against the US dollar and other major currencies.
The constant hike in prices of petroleum products is seriously affecting transport fares and food prices, making life unbearable for the masses.
However, the President is confident the deal would be secured before the end of 2022.
“We are working towards securing a deal with the IMF by the end of the year. This will give further credence to the measures Government is taking to stabilize and grow the economy, as well as shore up our currency.”
