Akufo-Addo Is Ghana’s Worst President—Efia Odo Fires
Efia Odo, known for her strong opposition to the ruling New Patriotic Party (NPP) government, has once again launched a scathing attack, this time directing her criticism towards President Nana Akufo Addo.
In response to the approval and impending disbursement of the second tranche of funds from the International Monetary Fund, she boldly labelled Akufo-Addo as the most ineffective president in Ghana’s history.
She tweeted on X, “With all due respect, this man is the worst president in the history of GHANA!!!”
IMF board approves $600 million payout for Ghana
The board of the International Monetary Fund (IMF) has given its approval for the first review of Ghana’s loan program, paving the way for the immediate release of approximately $600 million as part of the $3 billion bailout program.
This decision follows Ghana’s successful restructuring of $5.4 billion in loans with its official creditors, a crucial step towards unlocking the second instalment of IMF funding.
According to the IMF, the government’s reform efforts have contributed to positive outcomes such as improved economic growth, reduced inflation, and increased international reserves. The Fund predicts that Ghana’s economy will grow by 2.3% in 2023 and 2.8% in 2024.
During a joint briefing with Ghanaian authorities, Stéphane Roudet, the IMF Mission Chief for Ghana, announced that the second tranche of funding would be made available to the central bank within hours.
Furthermore, Ghana’s Finance Ministry anticipates that the release of the second tranche will trigger an additional $550 million in funding from the World Bank.
This includes $300 million in budget support, which has already been confirmed by the World Bank, and $250 million for a fund aimed at ensuring stability in the financial sector. The disbursement of these funds is expected to be approved during a meeting scheduled for January 23.
In addition to addressing its official creditors, Ghana must also negotiate a relief agreement with private holders of approximately $13 billion in international bonds. Finance Minister Ken Ofori-Atta stated that discussions with these bondholders will commence as early as next week, to reach an agreement by mid-March.
