Approval Of Ghana’s IMF Programme In 10 Months Is A Record - Akufo-Addo

President Nana Akufo-Addo has stated that Ghana’s International Monetary Fund (IMF) bailout prorgramme which took 10 months to be completed is one of the quickest to have happened to the country. Speaking at the 3rd Qatar Economic Forum, the President said the country had to ensure data provided were accurate, whilst the macro indices were heading in the right direction.

Usually, the negotiations with the IMF take time. In fact, the 10 months which have been involved in the Ghanaian programme is one of the fastest on record. There is a whole lot of stuff that you had to go through in terms of change of data, negotiations, and making sure that the macro indices you are looking for are in the right direction. All of these may take time.

Nevertheless, it is over, he pointed out. He furthered that the IMF support programme will reposition the economy to regain macro stability. According to him, the economic indicators have started improving, citing examples such as inflation and the exchange rate. Now, we believe that it [IMF programme] is going to provide us with the foundation for redirecting the economy, repositioning the Ghanaian economy firstly, to regain the macro stability that has been lost.

Secondly, to be able to have better control over important details like the interest rate, inflation and then finally, also to position us to be able to be back to the international capital market which has been a source of funding for us for the first three or four years of our government, he added. Last week, the Executive Board of the IMF approved a $3 billion Extended Credit Facility for Ghana, which will end in 2027. This was as result of assurances from country’s Creditors Committee under the G20 Common Framework last week, which includes China.