I take responsibility for IMF bailout - President Akufo-Addo

President Nana Addo Dankwa Akufo-Addo has said he takes the blame for his government’s u-turn on Ghana seeking an International Monetary Fund (IMF) bailout. President Akufo-Addo indicated that the move was necessary because it was what the country needed. Speaking during his tour of the Ashanti Region on Otech FM, on October 18, Akufo-Addo added that he hopes the IMF bailout will help get Ghana out of the current economic hardships. “I take full responsibility for it. But I’m hoping very strongly that by the middle of November, a month from now, these negotiations will be over. We are going to come to a budget for the country in the middle of November. “I’m hoping that the IMF negotiations will be over at least substantially so we will have a clear idea of the elements of the agreement with the Fund, which hopefully will be able to feed into the budget and have that drive our budgetary projection for next year and the year ahead. “For me, my hope is that we will have a programme of fiscal adjustment. It will take us through most of the immediate budget but then will put us in a position in 2024 to begin the recovery and the growth,” he said. Meanwhile, the Finance Minister, Ken Ofori-Atta, is reported to be pushing for the speedy completion of negotiations with the International Monetary Fund for an economic support programme. Ghana is targeting an amount of $3 billion from the Fund once an agreement can be reached with funds likely to be accessed in 2023. According to Joy News, a team of government officials have been in the United States of America and met with the Director for the Africa Department of the IMF, Abebe Aemro Selassie, at the ongoing Annual IMF/World Bank Spring Meetings. It is expected that the second round of negotiations will continue after the annual meetings between the Government of Ghana team led by Minister for Finance, Ofori-Atta, and the IMF team, led by the IMF Mission Chief, Stéphane Roudet. The negotiations will focus on the implementation of policies that create conditions for a stable macroeconomic environment, sustainable growth and debt sustainability. Watch the latest episode of The Lowdown below: IB/SEA

President Nana Addo Dankwa Akufo-Addo has said he takes the blame for his government’s u-turn on Ghana seeking an International Monetary Fund (IMF) bailout. President Akufo-Addo indicated that the move was necessary because it was what the country needed. Speaking during his tour of the Ashanti Region on Otech FM, on October 18, Akufo-Addo added that he hopes the IMF bailout will help get Ghana out of the current economic hardships. “I take full responsibility for it. But I’m hoping very strongly that by the middle of November, a month from now, these negotiations will be over. We are going to come to a budget for the country in the middle of November. “I’m hoping that the IMF negotiations will be over at least substantially so we will have a clear idea of the elements of the agreement with the Fund, which hopefully will be able to feed into the budget and have that drive our budgetary projection for next year and the year ahead. “For me, my hope is that we will have a programme of fiscal adjustment. It will take us through most of the immediate budget but then will put us in a position in 2024 to begin the recovery and the growth,” he said. Meanwhile, the Finance Minister, Ken Ofori-Atta, is reported to be pushing for the speedy completion of negotiations with the International Monetary Fund for an economic support programme. Ghana is targeting an amount of $3 billion from the Fund once an agreement can be reached with funds likely to be accessed in 2023. According to Joy News, a team of government officials have been in the United States of America and met with the Director for the Africa Department of the IMF, Abebe Aemro Selassie, at the ongoing Annual IMF/World Bank Spring Meetings. It is expected that the second round of negotiations will continue after the annual meetings between the Government of Ghana team led by Minister for Finance, Ofori-Atta, and the IMF team, led by the IMF Mission Chief, Stéphane Roudet. The negotiations will focus on the implementation of policies that create conditions for a stable macroeconomic environment, sustainable growth and debt sustainability. Watch the latest episode of The Lowdown below: IB/SEA