General Politics

IMF Support: We’ll Succeed– Akufo-Addo Assures Ghanaians

President Nana Addo Dankwa Akuto has assured Ghanaians that the country will succeed with the country seeking intervention from the International Monetary Fund (IMF).

According to him, the IMF intervention is for repairs of the country’s finances in the short term as the country takes steps to come out of the woods as a result of the global crisis bestow on the nation.

In his first public statement since the country decided to seek support from the Fund, President Akufo-Addo stressed that in the long term, the country will continue to work on structural changes as part of the goal to create the Ghana beyond aid, that is building a resilience, robust Ghanaian economy.

Speaking at the seat of government on Friday July 8 while swearing into office New Ambassadors and High commissioners, Mr Akufo-Addo mentioned that “Currently, we have decided to seek the collaboration with the International Monetary Fund to repair, in the short run, our finances which have taken a severe hit in very recent times while we continue to work on the medium to long term structural changes that are at the heart of our goal to create the Ghana beyond aide, that is building a resilient, robust Ghanaian economy.

“I am confident that with determination, hard work, unity and the proverbial Ghanaian sense of enterprise we will succeed, we will make it and indeed this too shall pass.

“What these trends of event have taught all of us is that, we also have to strengthen and deepen our ties of cooperation and bonds of friendship with each other.

“No country will be able to do it alone. We either succeed together or we perish together and that is where your work as ambassadors and High Commissioners will be needed the most.”

On Friday July 1, Government through the Ministry of Information announced that it was seeking support from the IMF.

This followed a telephone conversation between the President and the IMF Managing Director, Ms Kristalina Georgieva, conveying Ghana’s decision to engage with the Fund, a statement by the Ministry of Information said.

Subsequently, a team of IMF Officials led by Carlo Sdralevich, mission chief for Ghana, arrived in the country to begin engagement with the Ghanaian authorities about a possible IMF-supported programme.

Mr. Sdralevich in a statement said “On the basis of a request from the Ghanaian authorities, an IMF staff team will in the coming days kick-start discussions on a possible program to support Ghana’s homegrown economic policies. We are at an early stage in the process, given that detailed discussions are yet to take place.”

“The IMF stands ready to assist Ghana to restore macroeconomic stability, safeguard debt sustainability, and promote inclusive and sustainable growth, and address the impact of the war in Ukraine and the lingering pandemic.”

“We are looking forward to our engagement with the authorities in Accra,” the Fund said.

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