According to President Akufo-Addo, the IMF bailout program for Ghana, which took 10 months to finish, was one of the fastest things to happen to the nation.
Speaking at the third Qatar Economic Forum, the president emphasized that while macroindices were moving in the correct way, the nation needed to make sure the data presented was reliable.
“Usually, the negotiations with the IMF take time. In fact, the 10 months which have been involved in the Ghanaian programme is one of the fastest on record”.
“There is a whole lot of stuff that you had to go through in terms of change of data, negotiations, and making sure that the macro indices you are looking for are in the right direction. All of these may take time. Nevertheless, it is over”, President Akufo-Addo stated.
The IMF support program, he continued, will reorient the economy to restore macro stability.
He cites instances like inflation and the currency rate to support his claim that the economic indicators have begun to improve.
“At this point, we think that it [the IMF program] will give us the groundwork for reorienting the economy, repositioning the Ghanaian economy first, to regain the lost macro stability.”
“Secondly, to be able to have better control over important details like the interest rate, inflation and then finally, also to position us to be able to be back to the international capital market which has been a source of funding for us for the first three or four years of our government”, he added.
A $3 billion Extended Credit Facility for Ghana was granted by the IMF’s Executive Board last week; it will come to an end in 2027.
This came about as a result of last week’s promises from the G20 Common Framework’s Creditors Committee, which also includes China.