President Nana Addo Dankwa Akufo-Addo has spoken out for the first time about his government seeking a bailout from the International Monetary Fund (IMF).
The president explained at the Jubilee House swearing-in of some new Ambassadors and High Commissioners that the decision to seek an IMF program was necessitated by the impact of the current global economic crisis on Ghana’s economy.
According to citinewsroom.com, he added that the government’s request for assistance from the fund will help stabilize Ghana’s economy and, as a result, lessen the hardships that Ghanaians are experiencing.
“I am confident that with determination, hard work, unity, and the proverbial Ghanaian sense of enterprise, we will succeed, and this, too, shall pass.”
“Economies have been thrown into recession, businesses have failed, lives and livelihoods have been disrupted, and food and fuel prices have skyrocketed as global and domestic inflation has risen.”
“In our case, we have decided to see collaboration with the International Monetary Fund to repair our public finances in the short run, which have taken a severe hit in recent times,” the president said.
President Nana Addo Dankwa Akufo-Addo directed the Minister of Finance, Ken Ofori-Atta, to begin official engagements with the International Monetary Fund on Friday, July 1, 2022. (IMF).
According to a statement signed by the Minister of Information, Kojo Oppong Nkrumah, the president directed the finance minister to seek IMF support for a Ghanaian economic program.
The International Monetary Fund’s representatives arrived in Ghana on Wednesday, July 6, 2022, for talks with the Ghanaian government.