President Akufo-Addo has claimed that the 10-month duration of Ghana’s International Monetary Fund (IMF) bailout program is one of the shortest periods for such a program to be implemented.
The President made the comment during his speech at the third Qatar Economic Forum that the nation needed to verify that the data presented was correct and that the macroindices were moving in the right direction.
“Usually, the negotiations with the IMF take time. In fact, the 10 months that have been involved in the Ghanaian programme are one of the fastest on record. There is a whole lot of stuff that you had to go through in terms of change of data, negotiations, and making sure that the macro indices you are looking for are going in the right direction. All of these may take time. Nevertheless, it is over”, he stated.
He went on to say that the IMF bailout package will help the economy get back on track and achieve macroeconomic stability. He mentioned changes in inflation and the currency rate as evidence that the economy is improving.
“Now, we believe that it IMF programme is going to provide us with the foundation for redirecting the economy, repositioning the Ghanaian economy first, to regain the macro stability that has been lost. To be able to have better control over important details like the interest rate, inflation, and then finally, also to position us to be able to be back in the international capital market, which has been a source of funding for us for the first three or four years of our government.” he added.
The International Monetary Fund’s Executive Board accepted Ghana’s request for a $3 billion Extended Credit Facility last week, with the agreement’s term ending in 2027.
