President Nana Addo Dankwa Akufo-Addo has stated that Ghana’s decision to seek a balance of payment support from the International Monetary Fund (IMF) has yielded positive results.
He attributes the recent decline in inflation and the stability of the local currency to the IMF support programme.
Addressing a meeting with visiting IMF Managing Director Kristalina Georgieva at the Jubilee House, President Akufo-Addo expressed satisfaction with the outcomes of the bailout.
He emphasized that the decision to seek IMF support in July 2022, amidst challenging economic circumstances, has proven beneficial and contributed to a noticeable turnaround in Ghana’s economy.
“The decision we made in July 2022 to come and seek your support for the difficult economic circumstances that we had as far as I am concerned is a decision that already has paid off. It has paid off in terms of a clear turnaround that we are seeing in our economy.
“The dire circumstances in which we were at the time that we took that very difficult decision and where we are today is a very clear testimony that our decision to seek your support is a decision that was correct, and we have had some benefits from it.”
Looking ahead, President Akufo-Addo stressed the importance of striking a delicate balance between meeting the needs and aspirations of Ghanaians while adhering to the requirements of the IMF’s 3-year extended credit programme.
He underscored the significance of maintaining this balance, particularly as Ghana approaches the December 7 general election, highlighting the necessity of safeguarding both economic rigour and the interests of the populace.
