$3bn IMF deal: Akufo-Addo made an honest admission in his address – Bokpin

The comment by President Nana Addo Dankwa Akufo-Addo that the $3 billion facility approved by the International Monetary Fund (IMF) will not end Ghana’s problems was a candid admission by the President, a Professor at the University of Ghana Business School, Godfred Bokpin has said.

President Akufo-Addo in his address to the nation on Sunday, May 28, said “Access to the IMF facility will not spell the immediate end of the difficulties we are in presently.

“But the fact that we’ve been able to negotiate such a deal sends a positive message to our creditors and investors.”

He added “It should lead to the restoration of confidence and the reopening of avenues that have been closed to us this past year and a half.”

A similar comment was earlier made by his Finance Minister Ken Ofori-Atta who warnedthat the approval of Ghana’s request for bailout would not offer a magic solution to the current economic crisis.

“Ghana’s IMF Board approval is far from a magic solution,” Mr Ofori-Atta stressed.

“What it is, however, is that it is a crucial first step on the necessary journey of strong reforms, inclusive growth and relentless pursuit of a growth agenda geared towards restoring our economy to a place of strength, prosperity and resilience.”

Speaking on the Ghana Tonight show on TV3 Monday, May 29, Prof Bokpin said “I think [Sunday] there was an honest admission from the President that merely having an IMF programme doesn’t mean our problems will just disappear.

“The IMF itself admits that their programme cannot do everything for us and therefore we need to complement some of the measures that are in the IMF programme with our own homegrown measures.”