President Nana Addo Dankwa Akufo-Addo has said that going to the International Monetary Fund (IMF) for a bailout was a painful decision that he took.
He said the IMF was not part of the economic transformation agenda that he had been pursuing,
Addressing the nation on Sunday, May 28, he said “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.”
He further said that the $3billion facility approved by the Fund would not end Ghana’s problems.
“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 said.
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 warned that 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.”
The Finance Minister was speaking at a joint press conference held by the Fund in the wake of the Executive Board’s approval of the $3 billion support.
The approval was secured on Wednesday, May 17 with the first tranche of $600 million received