Ghana optimistic of securing IMF deal by end of 2022 - Akufo-Addo

President Nana Addo Dankwa Akufo-Addo has hinted that Ghana could be securing an agreement with the International Monetary Fund by the end of the year. This is however contrary to suggestions made that government could reach an agreement with the Fund before the 2023 budget is presented to Parliament by the Finance Minister sometime in November this year. In an address to the nation on the economy on October 30, President Akufo-Addo said barring any unforeseen circumstances, Ghana could secure the bailout agreement by the end of December this year. “We are working towards securing a deal with the IMF by the end of the year,” he said on Sunday. "This will give further credence to the measures government is taking to stabilize and grow the economy, as well as shore up our currency,” he noted. He further explained that the funds will “repair the short term of public finances and restore our balance of payment whiles we continue to work on the medium to long term structural changes that are at the heart of our goal of constructing a resilient robust Ghanaian economy and building a Ghana Beyond Aid.” He however assured Ghanaians of government's commitment to restoring the economy which has been experiencing a wave of unprecedented shocks and challenges that have impacted almost all economic indicators. Ghana on July 1, 2022, resorted to the IMF for an economic support programme to restore macroeconomic stability, among others. The country is targeting $3 billion once an agreement can be reached. Meanwhile, the woes of the Ghana cedi in the first 10 months of this year continued as the currency has seen its value decline by over 50 percent to the US dollar. The situation, according to a recent Bloomberg tracking saw it ranked as the worst-performing currency in the world against the US dollar. This has forced many businesses to collapse, culminating in worker agitations, and discontent over government policies, among others. MA/FNOQ Watch the latest episode of BizTech below:

President Nana Addo Dankwa Akufo-Addo has hinted that Ghana could be securing an agreement with the International Monetary Fund by the end of the year. This is however contrary to suggestions made that government could reach an agreement with the Fund before the 2023 budget is presented to Parliament by the Finance Minister sometime in November this year. In an address to the nation on the economy on October 30, President Akufo-Addo said barring any unforeseen circumstances, Ghana could secure the bailout agreement by the end of December this year. “We are working towards securing a deal with the IMF by the end of the year,” he said on Sunday. "This will give further credence to the measures government is taking to stabilize and grow the economy, as well as shore up our currency,” he noted. He further explained that the funds will “repair the short term of public finances and restore our balance of payment whiles we continue to work on the medium to long term structural changes that are at the heart of our goal of constructing a resilient robust Ghanaian economy and building a Ghana Beyond Aid.” He however assured Ghanaians of government's commitment to restoring the economy which has been experiencing a wave of unprecedented shocks and challenges that have impacted almost all economic indicators. Ghana on July 1, 2022, resorted to the IMF for an economic support programme to restore macroeconomic stability, among others. The country is targeting $3 billion once an agreement can be reached. Meanwhile, the woes of the Ghana cedi in the first 10 months of this year continued as the currency has seen its value decline by over 50 percent to the US dollar. The situation, according to a recent Bloomberg tracking saw it ranked as the worst-performing currency in the world against the US dollar. This has forced many businesses to collapse, culminating in worker agitations, and discontent over government policies, among others. MA/FNOQ Watch the latest episode of BizTech below: