President Nana Addo Dankwa Akufo-Addo has hailed the country’s ongoing programme with the International Monetary Fund (IMF), describing its progress as highly successful.
The President also points out that, the economy has performed better than initially projected under the programme – which is indicative of a stronger recovery trajectory.
Speaking in his last State of the Nation’s Address in Parliament on Friday, President Akufo-Addo cited key improvements in macroeconomic stability, fiscal discipline and investor confidence as evidence of the success of the IMF bailout package.
The Implementation of the Programme so far has gone well even as it has been challenging. We have passed successfully through three successive reviews of programme implementation by the IMF Board, with the most recent review approved on 2nd December, 2024 leading to the disbursement of $360 million. The Fund has, therefore, disbursed a cumulative one-point-nine-two billion United States dollars (US$1.92 billion) to date”, the President said.
He credited the collaboration between the government and the IMF for implementing reforms that have begun yielding positive results.
The IMF programme initiated to address Ghana’s economic challenges, focuses on debt sustainability, fiscal consolidation and structural reforms to enhance growth prospects.
Early achievements, including reduced inflation and a stabilized currency, have bolstered optimism about Ghana’s economic future.
Today, we are witnessing the positive outcomes of this painful yet necessary exercise. The economy is rebounding strongly, our fiscal position is more stable, and our debt sustainability has significantly improved. At the moment, I am able to say with confidence that the crisis is over, and that the economy has recovered strongly and faster than projected”, Akufo-Addo added.
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