IMF Deal: Akufo-Addo Says Bailout Yielding Positive Results For Ghana
- President Nana Akufo-Addo has said Ghana’s decision to seek support from the International Monetary Fund is yielding positive results
- Akufo-Addo attributed the decline in inflation and relative forex stability to the IMF support programme
- The president believes the support programme has also contributed to an economic turnaround
President Nana Akufo-Addo has said Ghana’s decision to seek support from the International Monetary Fund is bearing fruits.
The president linked the recent decline in inflation and the relative stability of the cedi to the support programme.
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Speaking during a meeting with IMF Managing Director Kristalina Georgieva at the Jubilee House, President Akufo-Addo said the programme was satisfactory.
He believes the IMF support has contributed to a noticeable turnaround in Ghana’s economy.
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Moving forward, President Akufo-Addo said there was a need to strike a balance between the needs of Ghanaians while adhering to the IMF requirements.
Ahead of the 2024 election, he also said maintaining this balance was especially important.
Ghana started restructuring its public debt in December 2022 to qualify for the $3 billion support from the IMF.
The country received $600 million when it agreed to the IMF programme in May 2023.
However, further disbursements have been contingent on restructuring the country's debt.
The IMF reached a staff-level agreement with Ghana on the first review of Ghana's economic program under the Extended Credit Facility arrangement in October 2023.
Struggles to meet IMF conditions
YEN.com.gh reported that Ghana missed the November 1, 2023, timeline set in the IMF programme to get the second tranche of the $3 billion bailout package.
Ghana had submitted proposals to commercial creditors seeking a haircut of up to 40 percent.
Bright Simons of IMANI Ghana earlier disclosed that the government struggled to convince the IMF to sign off on the $600 million.
His comments followed the response by Ernest Addison, the Bank of Ghana governor, who described MPs who took part in the OccupyBoG protests as hooligans.
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Source: YEN.com.gh
