President Nana Addo Dankwa Akufo -Addo has stated emphatically that the International Monetary Fund (IMF) will be used to help the economy get back to where it was before the Covid pandemic broke out.
This would be accomplished, according to Mr Akufo-Addo, prior to the general elections in 2024, allowing the New Patriotic Party (NPP) administration to end the eight-year political cycle.
As part of a three-day working visit to the Northern Region, Mr Akufo-Addo paid a courtesy call on Ya-Naa Abukari II at the Gbewaa Palace in Yendi. He said, “I wish to also thank the Yaa Naa for the support he has given my government in our negotiations with the International Monetary Fund, the traditional ruler who speaks about this with so much understanding and I appreciate that very much.
“Just as my government worked to bring the country out of the IMF programme that we inherited in 2017, to build a strong economy before the Covid and Russian invasion of Ukraine happened, again we are going to go through the IMF negotiations and bring the economy back to a strong place before 2024 elections.
“All of that is in order to place the NPP in a good place to carry out its pledge of breaking the 8 in 2024.”
The staff delegation from the International Monetary Fund (IMF) headed by Carlo Sdralevich said the war is having an impact on Ghana when it left Ghana on Wednesday, July 13.
The delegation descended upon the nation on July 6 to evaluate the state of the economy and go over the general framework of the government’s Enhanced Domestic Programme that might be backed by an IMF funding arrangement.
Mr Sdralevich made the following remark upon the mission’s conclusion: “Ghana is dealing with a severe economic and social condition amidst an increasingly demanding global climate.
The COVID-19 pandemic has resulted in a dramatic worsening of the financial and debt crisis.
Investors’ worries have also led to credit rating downgrades, capital outflows, a loss of access to external markets, and an increase in domestic borrowing prices.
“In addition, the global economic shock caused by the war in Ukraine is hitting Ghana at a time when the country is still recovering from the Covid-19 pandemic shock and with limited room for manoeuvre.
“IMF staff will continue to monitor the economic and social situation closely and engage in the coming weeks with the authorities on the formulation of their Enhanced Domestic Program that could be supported by an IMF arrangement and with broad stakeholders’ consultation.
“We reaffirm our commitment to support Ghana at this difficult time, consistent with the IMF’s policies.
“Staff express their gratitude to the authorities, civil society, and development partners for their constructive engagement and support during the mission”, he said.
Source: Mybrytnewsroom.com/Joseph Asare
