The President, Nana Addo Dankwa Akufo-Addo said, the country’s recent agreement with the International Monetary Fund (IMF) will help to restore confidence and reopen avenues that have been closed to the country in recent years.
In a speech to the nation on Sunday night, Akufo-Addo said that the IMF deal will not spell the immediate end of the difficulties that Ghana is facing, but that it is a positive step that will help to put the country back on track.
“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,” ” Akufo-Addo said during his address on May 28, 2023.
Akufo-Addo said that the IMF deal will help to restore confidence in the Ghanaian economy, which has been battered by the COVID-19 pandemic and the war in Ukraine.
He said that the deal will also help to reopen avenues that have been closed to Ghana in recent years, such as access to international capital markets.
“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,” Akufo-Addo said adding that it will also “lead to the resumption of infrastructural projects that have stalled”.
He said that the government will need the support of Ghanaians to implement the reforms that are required to make the deal work.
“We must all work together to ensure that this programme is a success,” Akufo-Addo said. “We must all work together to build a better future for Ghana.”
Background
Ghana reached an agreement with the IMF a few days ago on a $3 billion bailout package. Ghana received $600 million out of the $3 billion extended credit facility last week.
The IMF deal comes at a time when Ghana is facing a number of economic challenges, including high inflation, a depreciating currency, and a widening budget deficit amid a worsening debt stock.
The war in Ukraine has also had a negative impact on the Ghanaian economy, according to official reports.
The IMF deal is expected to help Ghana to stabilize its economy and restore confidence in the Ghanaian financial system.
On COVID-19 pandemic, President Akufo-Addo said the country currently does not have any critical cases of COVID-19.
He said all the outstanding COVID-induced restrictions at the country’s airports and all entry points have been lifted adding: “we are back to the pre-COVID situation as far as health entry requirements are concerned.”
Addressing the nation on Sunday (28 May), President Akufo-Addo said the country currently does not have any critical cases of COVID-19.
He said: “…This too has passed; the emergency is over. We can now shake hands, hug, visit [our loved ones]…”
“The scientists and health experts tell us that we no longer have a public health emergency of international concern. They tell us also that there is evidence of reducing risks to human health from COVID-19 infections. This has led to decreasing trend of COVID-19-related deaths…”
“The world has also achieved the long hope for immunity and with improved clinical management, the experts say it is time to transition to long term management of the COVID-19 pandemic. In other words, we can breathe that collective sigh of relief,” President Akufo-Addo added.
The move comes after the World Health Organisation (WHO) announced on 5 May 2023 that COVID-19 was no longer a Public Health Emergency of International Concern (PHEIC).
Pix: Akufo-Addo
