President Nana Akufo-Addo has revealed that the $3 billion bailout secured from the International Monetary Fund (IMF) is not the immediate solution to the country’s economic challenges.
Addressing the nation Sunday night, Akufo-Addo said the credit facility will however play a crucial role in restoring confidence in the country’s economy as his government is working to fix the challenges.
“Access to the IMF facility will not spell the immediate end of the difficulties we are in presently, but the fact that we have been able to negotiate such a deal sends a positive message to our trading partners, creditors and investors,” he explained.
Akufo-Addo further highlighted that the IMF agreement would aid in restoring confidence in the Ghanaian economy, which has been adversely affected by the COVID-19 pandemic and the conflict in Ukraine.
“It should lead to the restoration of confidence and the reopening of opportunities that have been closed to us this past year and a half,” Akufo-Addo explained, emphasizing that it would also result in the resumption of stalled infrastructure projects.
The President also emphasised that the successful implementation of the necessary reforms to make the deal effective would require the support of the Ghanaian people.
“We must all collaborate to ensure the success of this program,” Akufo-Addo urged. “Together, we must work towards building a brighter future for Ghana.”