The government has conceded that relying solely on a deal with the International Monetary Fund (IMF) may not be sufficient to tackle the current economic predicament of the country.
Since July of last year, the government has been in talks with the IMF for a financial assistance package worth $3 billion to resuscitate the economy.
Additionally, the government has implemented a series of policies and initiatives geared towards restoring both macroeconomic stability and debt sustainability.
Despite criticisms from industry stakeholders regarding the government’s role of easing the burden on Ghanaians, the Minister of Information, Kojo Oppong Nkrumah, has provided an update on government’s discussions with the IMF and expressed confidence in the government’s ability to confront the prevailing challenges.
“The Government of Ghana has had an enhanced programme which has been designed to help us recover from major shocks we are suffering. And to make that programme effectual, we will need some balance of payments support from the IMF. And that is what we have been working on, and all indications suggest to us that we should be bringing that to a closure pretty soon. But that is not all the panacea to our economic challenges, we have other programmes to help us to bring back growth, help private sector kicking and get cost of living under control,” Kojo Oppong Nkrumah said.
President Nana Addo Dankwa Akufo-Addo on May 2 courted the support of Japan to help Ghana reach an agreement with the International Monetary Fund (IMF) Board for the 3 billion dollar balance of payment support.
“Ghana is also counting on the support of Japan in reaching a favourable agreement with the International Monetary Fund which will pave the way for the robust recovery of Ghana’s economy,” President Akufo-Addo said.