One of the hardest decisions the president of Ghana, Nana Addo Dankwa Akufo-Addo, had to make to save the economy was to ask the International Monetary Fund (IMF) for a bailout.
He pointed to the growing price of crude oil on the global market as one of the elements that made the nation’s economic problems worse and one of the reasons why the government turned to the IMF for assistance.
President Akufo-Addo acknowledged that it was a difficult decision, but insisted that going to the Fund was in the best interests of both the nation and the economy.
“You can imagine the difficulties that were there for the Bank of Ghana. So instead of now finding 64 dollars for each barrel of oil, the Bank of Ghana was now having to find 100 plus [dollars] and it stayed like that. In fact, it is only very recently that the price of crude oil has come down.
“I’m just using this one very important fact to explain to you what drove the administration made the extremely tough choice to approach the IMF”.
In an interview with Andrews Akuoko Korankye (Captain Koda) on OTEC FM in Kumasi, he said, “I don’t have any trouble saying that it was a difficult decision for me to take but I believed that in the interest of the country, in the interest of our economy, we had to make that decision.