President Akufo-Addo says instructing Finance Minister Ken Ofori-Atta to seek the IMF’s support for a bailout programme was a painful decision.
According to him, going to the IMF was not part of the economic transformation agenda the government has been pursuing, especially having gone the extra mile to bring to a successful end the IMF programme inherited from the previous government.
“It was a painful decision for me to take because going to the IMF was not part of the economic transformation agenda I’ve been pursuing, especially as my government has gone the extra mile to bring to a successful end the IMF programme we inherited from the previous government,” Akufo-Addo revealed in an address to Ghanaians on Sunday, May 28, 2023.
He further said that the $3billion facility approved by the Fund would not end Ghana’s problems.
READ ALSO: Full text: Akufo-Addo's address to Ghanaians on Covid-19, IMF deal
However, the fund will help to restore confidence and reopen avenues that have been closed to the country in recent years.
“Access to the IMF facility will not spell the immediate end of the difficulties we are in presently. But the fact that we’ve been able to negotiate such a deal sends a positive message to our creditors and investors.”
“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”.
He said that the government will need the support of Ghanaians to implement the reforms that are required to make the deal work.
“We must all work together to ensure that this programme is a success,” Akufo-Addo said. “We must all work together to build a better future for Ghana.”
Meanwhile, the first tranche of $600 million out of the $3billion IMF programme hit the account of the Bank of Ghana, last week.