The President of the Republic of Ghana, President Nana Addo Danquah Akufo-Addo has said he takes full responsivity for Ghana going to the International Monitory Fund (IMF) for bailout.
Speaking on Otec Fm in Kumasi, President Akufo-Addo stated Ghana’s current economic condition has little to do with economic mismanagement.
President Akufo-Addo said that ‘’the reason we got to where we currently are has little to do with economic mismanagement, IMF’s assessment confirmed Covid-19 and the Russian-Ukraine war has been the fighters of Ghana’s economy. You cannot take easy decisions that will compromise the welfare of Ghanaians-running to IMF was difficult but it was needed’’.
“ I accept full responsibility of Ghana going to IMF because I am the head of government- I believe the negotiations which are ongoing will be over by the end of November- we will work on a budget for the country so we have a clear idea of the elements of agreement of the fund which will fill in the budget and drive the budget for next year’’, President Akufo-Addo added.
‘’The Finance Minister will return on Sunday and he will brief me on Tuesday and look at the program Ghana will have with IMF. We are looking for a program which will give us significant relief as far as support for our balance of payment is concerned. We are also looking for other funds too and once we have the certificate from IMF which we believe our debt management will be in order, it will allow other people to come in and support. Clearly, for me, my hope is that we will have a program of physical adjustment which will take us through most of the immediate budget which will put us in a good position in 2024 and for the recovery and growth of the economy”, President Akufo-Addo stressed.
”It’s my hope to take Ghana from IMF before I leave office in 2024”, he indicated.
The President revealed the current IMF program is the most transparent program any government has embarked on in Ghana because there have been public and stakeholders engagement which is the genesis of Ghana’s economy.