Ghana’s Choice to Ask the IMF for Help Has Paid Off – Akufo-Addo

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Managing Director of the IMF, Kristalina Georgieva, in her interaction with President Akufo-Addo, noted that it is clear to the IMF that confidence in the Ghanaian economy both domestically and externally is bouncing back. She observed that the world economy has surprisingly remained resilient and its growth rate has been stronger than predicted in July 2022 to come and seek your support for the difficulty economic circumstances which we were involved as far as I am concerned is a decision that has already paid off. It has paid off in terms of the clear turn around that we are seeing in our economy.

“The very dire circumstances in which we were at the time we took that difficult decision and where we are today is a very clear testimony of the fact that our decision to seek your support was a decision that was correct and we have had very positive benefits from it” President Akufo-Addo remarked.

“The stronger than predicted growth, the systematic decline in inflation in Ghana and the decline of interest rates, the relatively stable exchange rate which we have had for our currency which was deeply troubled at one stage; These are all important signals that our economy is stabilizing.

I believe that it is the cooperation that we have had from you and the association that we have had from the World Bank that has brought us to this point. That is a rescue mission and the more important matter for us now is that having laid the foundation, how we can now engineer the rapid growth which is the way in which the mass of our people can benefit from the development of our nation” President Akufo-Addo further remarked

“For Ghana this year cannot be more decisive because it is the year to bring [back] confidence in Ghana domestically and internationally at the level it was before [the global economic challenges] or higher.

“It is possible because we are seeing a world economy that is slightly better, so the economy attitudes are better and the critical resource of money will go where confidence in the capacity of the country to perform is highest so Ghana can be at this place as it was before” Kristalina Georgieva said.

“We need to stay the cause, your growth is better than expected, your inflation is lower than expected, the progress in debt restructuring has been faster than expected and the task now is to cement what has been achieved” Madam Georgieva added.

Considering the rate of recovery of the Ghanaian economy after the facility was granted in 2023, President Akufo-Addo has declared that his government’s decision to get a 3 billion dollar extended loan facility with the International Monetary Fund (IMF) has reimbursed itself.

Speaking at the Jubilee House during the Managing Director of the International Monetary Fund’s two-day visit to Ghana, Kristalina Georgieva and her delegation assured President Akufo-Addo that his administration would persist in enforcing sound economic policies and will remain committed to the country’s current IMF programme.

Source: 3news



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