President Nana Addo Dankwa Akufo-Ado has said that the International Monetary Fund (IMF) will help restore economic growth soon following the approval of the $3billion facility by the Board.
The first tranche of six hundred (600) million US dollars has been credited to Ghana’s national account, out of the three (3) billion US dollars that the country negotiated to receive within a period of thirty-six (36) months.
Addressing the nation on Sunday, May 28, Mr Akufo-Addo said “Fellow Ghanaians, 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; a positive message that will be underpinned by the discipline, hard work and enterprise with which we execute the programme.
“It should lead to the restoration of confidence and the reopening of avenues that had been closed to us this past year and a half. It should also lead to the resumption of many of the infrastructural projects that have stalled.”
He added “Fellow Ghanaians, we got ourselves out of a pandemic in which there were no precedents on which to rely, and where even the experts admitted they had no clear-cut solutions. We did it by being resolute, being focused and working very hard, and by accepting that we had to stick together.
“With a similar frame of mind and attitude, we shall overcome the economic difficulties as well, sooner rather than later. I have no doubts at all in my mind that we are on the right path, and we would soon start to see significant improvements in the economy and in the living standards of Ghanaians.”