Ghana going to IMF was painful decision- Prez. Akufo-Addo

• Posted on May 29, 2023May 29, 2023
• by Nana Kwesi Coomson
• Comment

President Nana Addo Dankwa Akufo-Addo has defended his decision to seek financial assistance from the International Monetary Fund (IMF) to support Ghana’s economic recovery from the COVID-19 pandemic and the war in Ukraine.

Speaking in a national address on Sunday, May 28, 2023, the President described the decision as “painful but necessary,” stating that all options were considered before the choice was made.

“It was a painful decision for me to take, because going to the IMF was not part of the economic transformation agenda I had been pursuing, especially as my government had gone the extra mile to bring to a successful end the IMF programme we inherited from the previous government,” the president said.

The IMF deal is expected to provide Ghana with $3 billion in financial aid within a 36-month period.

However, the President did acknowledge that the package would require the country to make certain economic reforms such as reducing government spending. While the government has committed to implementing these reforms, Akufo-Addo cautioned that the IMF deal would not immediately resolve the country’s economic problems.

Despite the challenges that may lie ahead, the President remained optimistic and stated that the agreement with the IMF would send a positive message to investors and creditors.

The President also highlighted that this was not part of the original economic transformation agenda he had been pursuing, but it was the best option the current government had to help the Ghanaian economy grow

By Vincent Kubi