According to President Akufo-Addo, discussions for a bailout program for Ghana with the International Monetary Fund (IMF) are at an advanced level.
President Akufo-Addo stated in a speech to the nation on Sunday that the nation is on a steady course to complete an IMF-supported program by the end of the year.
“I am able to report to you, my fellow Ghanaians, that the negotiations to secure a strong IMF Programme, which will support the implementation of our Post COVID-19 Programme for Economic Growth and additional funding to support the 2023 Budget and development programme, are at advanced stages, and are going well.
“We are determined to secure these arrangements quickly to bring back confidence and relief to Ghanaians. We are working towards reaching a deal with the IMF by the end of the year. This will give further credence to the measures Government is taking to stabilize and grow the economy, as well as shore up our currency.”
According to him, the decision to work with the Washington-based lender is critical because it will significantly aid in “repairing the short term of public finances and restoring our balance of payment whiles we continue to work on the medium to long term structural changes that are at the heart of our goal of constructing a resilient robust Ghanaian economy and building a Ghana Beyond Aid.”
He gave the assurance that after steps were made to strengthen the currency and stabilize the economy, the administration was dedicated to bringing the economy back to health.