President Akufo Addo has emphasized that the International Monetary Fund’s relief initiative won’t help the nation’s dire economic situation.
However, he thinks the program will help to rebuild trust and reopen doors that have been closed to the nation in recent years.
Speaking to the nation on May 28, Akufo Addo acknowledged that while the bailout won’t immediately revive the struggling economy, its arrival is a step in the right direction to get the nation back on track.
“Access to the IMF facility will not spell the immediate end of the difficulties we are in presently, but the fact that we have been able to negotiate such a deal sends a positive message to our trading partners, creditors, and investors,”
According to Akufo-Addo, the IMF agreement will aid in reviving Ghana’s economy, which has been severely harmed by the COVID-19 pandemic and the war in Ukraine.
According to him, the agreement will also assist in reopening doors for Ghana that have recently been closed, such as access to global capital markets.
“It should lead to the restoration of confidence and the reopening of avenues that have been closed to us this past year and a half,” Akufo-Addo said adding that it will also “lead to the resumption of infrastructural projects that have stalled”.
The President pleaded with Ghanaians to use their collective wisdom to support and hasten the effective implementation of the necessary reforms.
IMF deal won’t spell immediate end to Ghana’s economic problems – Prez Akufo-Addo#UTVGhana pic.twitter.com/DkKbKKnpQB
— UTV Ghana (@utvghana) May 29, 2023
According to President Nana Akufo Addo, the choice to request assistance from the International Monetary Fund was painful but essential.
In his speech to the nation on Sunday, May 28, he explained that the decision to turn to the IMF for assistance was made after carefully weighing all available options.
