IMF bailout has turned economy around – Akufo-Addo

President Nana Akufo-Addo has lauded Ghana’s decision to seek support from the International Monetary Fund (IMF).

Speaking at a meeting with the Managing Director of the IMF, Kristalina Georgieva, he said the decision has yielded positive results for the country.

The president said the bailout has significantly turned Ghana’s difficult economy around.

“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 has already paid off. It has paid off in terms of the 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 are 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,” President Akufo-Addo said.

This comes after the recent visit of the IMF boss to Ghana.

During her visit, she is scheduled to engage in bilateral talks with other key figures like Vice President, Dr. Mahamudu Bawumia; Finance Minister, Mohammed Amin Adam; and the Governor of the Bank of Ghana, Dr. Ernest Addison.

In January 2024, the Bank of Ghana acknowledged receipt of US$600 million as the second tranche for budget support and stabilization of the local currency, bringing the total to US$1.2 billion out of the $3 billion approved under the three-year extended credit facility in May 2022.

The IMF has stated that Ghana is performing well under the programme, with reforms bearing fruit and signs of economic stabilization emerging.