President Akufo-Addo says Ghana’s decision to seek a balance of payment support from the International Monetary Fund (IMF) has yielded positive results.
He attributes the recent decline in inflation and the stability of the local currency to the IMF support programme.
Addressing a meeting with visiting IMF Managing Director Kristalina Georgieva at the Jubilee House, President Akufo-Addo expressed satisfaction with the outcomes of the bailout.
He emphasised that the decision to seek IMF support in July 2022, amidst challenging economic circumstances, has proven beneficial and contributed to a noticeable turnaround in Ghana’s economy.
“Ghana’s programme is being implemented effectively. We just went to the board recently with the first programme review following, of course, the policies that the government has been putting in place to address the huge imbalances Ghana was facing through last year.
“And of course, the official creditors are signaling that they will provide debt relief, consistent with what Ghana needs. So, we just went to the Board a couple of weeks ago. We look forward to continuing to support Ghana, consistent with program implementation,” Abebe Selassie said at a press conference in Washington DC.
Ghana’s next IMF programme review is scheduled for June 2024 for the third tranche of approximately US$ 360 million.
