IMF deal won't spell immediate end to Ghana's economic problems - Akufo-Addo

President Nana Akufo-Addo has expressed confidence that Ghana’s latest deal with the International Monetary Fund (IMF) will bring back confidence in the country’s economy.

Speaking in a national broadcast on Sunday, May 28, 2023, President Akufo-Addo said that the IMF deal will not spell the immediate end of the difficulties that the country is facing, however, it is a move that will restore the country to the right path.

“Access to the IMF facility will not spell the immediate end of the difficulties we are in presently. But the fact that we’ve been able to negotiate such a deal sends a positive message to our trading partners, creditors and investors. A positive message that will be underpinned by the discipline, hard work and enterprise in which we execute the programme.”

President Akufo-Addo added: “It should lead to the restoration of confidence and the reopening of avenues that have been closed to us this past year and a half. It will also lead to the resumption of many of the infrastructural projects that have stalled.”

IMF DEAL

The first tranche of $600 million from the International Monetary Fund’s $3 billion loan, hit the Bank of Ghana’s account on May 19, 2023.

The Governor of the Bank of Ghana, Dr Addison at an IMF and the Finance Ministry’s joint press conference on Thursday, May 18 discloses the amount will be hitting the bank’s account.

He said “Just for your information, we have had swift advice, today to receive the money. Value date tomorrow $604 million.”

On May 17, the IMF finally approved Ghana’s Programme request seeking for a $3 billion Balance of Payment support to stabilise the economy.

The IMF released a 126-page press statement giving more details about the deal.

This approval of the deal comes after the IMF in a statement said the government of Ghana has put in place a strategy to tighten expenditure controls and prevent arrears’ build-up.

According to the Fund, public procurement will be fully integrated with the Ghana Integrated Financial Management Information (GIFMIS) to ensure that only projects that benefit from approved budgets and quarterly allotments can obtain procurement approvals to award contracts.