$3bn IMF Deal Will Not Solve Economic Crises Immediately – President Akufo-Addo

Ghana’s recent agreement with the International Monetary Fund (IMF) will not immediately solve all the country’s economic challenges, President Nana Addo Dankwa Akufo-Addo has said.

On May 17, the IMF finally approved Ghana’s programme request seeking a $3 billion balance of payment support to stabilize the economy.

The IMF released a 126-page press statement giving more details about the deal.

Addressing the nation on Sunday night, he said it would help restore confidence and reopen avenues closed to the country in recent years.

Ghana’s economy has been in turmoil, facing rising inflation, a depreciating currency, and a widening budget deficit.

“Access to the IMF facility will not spell the immediate end of the difficulties we are in presently. But the fact that we’ve been able to negotiate such a deal sends a positive message to our creditors and investors,” he said.

He believes it is a positive step that will help put the country back on track and “lead to the resumption of infrastructural projects that have stalled.”

Meanwhile, he called on all Ghanaians to come together and work to ensure the successful implementation of the programme.

The Minister of Finance, Ken Ofori-Atta, had earlier stated that the $3 billion deal would not provide a simple solution to the current economic crisis.

Mr Ofori-Atta emphasized that the approval is merely the first step towards implementing strong reforms and achieving inclusive growth.

He called for a relentless pursuit of a growth agenda to help restore Ghana’s economy to a position of strength, prosperity, and resilience.