President Akufo-Addo says Ghana’s decision to seek a balance of payment support from the International Monetary Fund (IMF) has yielded positive results.
He attributes the recent decline in inflation and the stability of the local currency to the IMF support programme.
Addressing a meeting with visiting IMF Managing Director Kristalina Georgieva at the Jubilee House, President Akufo-Addo expressed satisfaction with the outcomes of the bailout.
He emphasised that the decision to seek IMF support in July 2022, amidst challenging economic circumstances, has proven beneficial and contributed to a noticeable turnaround in Ghana’s economy.
“Ghana’s programme is being implemented effectively. We just went to the board recently with the first programme review following, of course, the policies that the government has been putting in place to address the huge imbalances Ghana was facing through last year.
“And of course, the official creditors are signaling that they will provide debt relief, consistent with what Ghana needs. So, we just went to the Board a couple of weeks ago. We look forward to continuing to support Ghana, consistent with program implementation,” Abebe Selassie said at a press conference in Washington DC.
Ghana’s next IMF programme review is scheduled for June 2024 for the third tranche of approximately US$ 360 million.
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President Nana Addo Dankwa Akufo-Addo also expressed confidence that the new crop of leadership at the Finance Ministry will take the country out of its current economic challenges.
According to President Akufo-Addo, the appointment of Dr. Amin Adam as Finance Minister and Abena Osei Asare as Minister of State at the Finance Ministry will yield positive results.
Speaking at a meeting with the International Monetary Fund’s visiting Managing Director, Kristalina Georgieva, at the Jubilee House, President Akufo-Addo said the changes at the Finance Ministry were necessary.
“We will make sure that we stay strongly committed to the programme. Since last year, we have made some important changes to our government and even the Finance Minister was replaced. Our new Finance Minister…is here, and he is a very ambitious and intelligent young man. And these are the people who are working with your officials to get the deal done for us.
“We have every expectation that we will continue the path on which we are and that is the most important aspect of your visit and the message that you have and we believe that the path that we are chattering on is the right one.”
