President Akufo-Addo has indicated that Ghana has perceived positive economic outcomes following the country’s decision to seek a balance of payment support from the International Monetary Fund (IMF) during a recent meeting the Presidency had with Kristalina Georgieva, the Managing Director of IMF.
The President emphasized that the recent decline in the country’s inflation rates and the stability of the Ghana Cedi against the US dollar is due to the intervention of the IMF. He noted that the IMF program has played a pivotal role in bringing about a significant improvement in the country’s economic landscape.
“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 already has paid off. It has paid off in terms of a clear turnaround that we are seeing in our economy.”
H.E Akufo-Addo
Accordingly, the President argued that despite facing challenging economic circumstances at the time, seeking IMF support has proven beneficial for Ghana as he expressed his satisfaction with the results of the IMF bailout.
Furthermore, the President argued that the government’s decision, though a difficult decision, to seek the IMF’s assistance at the time it did, was precise as the country’s economic circumstance at the time the IMF bailout was rolled out in 2022 was dire.
He assured the International Monetary Fund (IMF) Managing Director of the government’s commitment to put the Fund’s support to judicious use, indicating that the country will ensure that the IMF’s support reflects the country’s progress in attaining a broader economic resilience and progress shortly.
The President also assured Ghanaians that the government will be intentional with its dealings with the IMF to ensure that it strikes a fine line between meeting the objectives of the general public and staying true to the conditions of the IMF’s 3-year extended credit program.
Meanwhile, Finance Minister Nominee, Dr. Mohammed Amin Adam, expressed his confidence in forging a closer partnership with the International Monetary Fund (IMF) to strengthen Ghana’s economic resilience and accelerate sustainable and comprehensive growth.
Dr. Adam also emphasized that the country’s current collaboration with the IMF has the potential to pave the way for a more prosperous future for all Ghanaians. He reiterated his unwavering commitment to securing a brighter future for the people of Ghana through resolute efforts and strategic partnerships.
IMF’s Visit To Ghana
The IMF’s presence underscores the importance of economic dialogues and highlights the collaborative efforts between Ghana and the IMF to address economic challenges and promote sustainable development.
Contrary to the narrative that the IMF and the World Bank may impose financial sanctions on the country should the anti-LGBTQ bill be assented to by the President, the IMF’s visit to Ghana is to engage in bilateral economic discussions with leaders of Ghana’s economy such as the President and Vice President, the Finance Minister and the Governor of the Bank of Ghana (BoG), and other senior officials from the Ministry of Finance and the Bank of Ghana.
Through this visit, both the Ghana government and the IMF intend to foster common understanding and explore opportunities for collaborations that are mutually beneficial to both parties. These engagements aim to foster dialogue and cooperation between Ghana and the IMF on economic matters.
Most importantly, the meeting with the IMF Managing Director served as a platform to recognize economic achievements, deliberate on future policies, and reaffirm the government’s dedication to fostering a stable and prosperous economy through collaborative efforts on both domestic and international fronts.
Conclusively, this conference provided an opportunity to explore innovative approaches and technologies that can contribute to economic growth and development in Ghana and across the continent.
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