The International Monetary Fund (IMF) bailout proposal for Ghana is in advanced stages of negotiation, according to President Akufo-Addo.
In a speech to the nation on Sunday, President Akufo-Addo declared that by the end of the year, the nation would have unlocked an IMF-supported program.
“I am pleased to inform you, my fellow Ghanaians, that the talks to obtain a robust IMF programme, which will support the implementation of our Post COVID-19 Programme for Economic Growth and additional funding to support the 2023 Budget and development program, are well along and at an advanced stage.
“We are determined to secure these arrangements quickly to bring back confidence and relief to Ghanaians. We are working towards reaching a deal with the IMF by the end of the year. This will give further credence to the measures Government is taking to stabilize and grow the economy, as well as shore up our currency.”
For him, the move with the Washington-based lender is crucial as it will largely help to “repair the short term of public finances and restore our balance of payment whiles we continue to work on the medium to long term structural changes that are at the heart of our goal of constructing a resilient robust Ghanaian economy and building a Ghana Beyond Aid.”
He assured that government is committed to restore the economy to good health following measures being taken to stabilize and grow the economy, as well as shore up the currency.