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We have 19 months to bring economy back on track – Akufo-Addo

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Wed, 24 May 2023 Source:

President Nana Akufo-Addo has stated that his government will work to ensure that Ghana meets all the conditions necessary to get the next tranche of the $3 billion loan facility from the International Monetary Fund.

He said the government is putting in place structures that will enhance fiscal discipline and bring the Ghanaian economy back on track.

Speaking at the ongoing Qatar-Africa Economic Forum in Doha, President Akufo-Addo said just like other countries all over the world, Ghana has been a victim of the global economic crisis.

“The global situation has not been kind to incumbent governments all over the world and I think our situation will be no different but at the same time, I believe we have enough time.

“We have eighteen months, I am to leave office in January 2025, so 19 months from now to be able with a very disciplined approach, implement the IMF programme and reposition our economy to be able to bring some growth back and some relief back to the population.

“…to also be able to convince them that yes, it is worth continuing the journey that my party started,” he said on May 23, 2023.

Ghana’s secured IMF deal that involves the disbursement of $3 billion over a 3-year period was approved on May 17, 2023, after the country fulfilled all the pre-conditions.

In that light, the first tranche of $600 million was received on May 19, 2023, with the second tranche expected in the next six months, hinged on fulfillment of certain conditions.

President Akufo-Addo also expressed optimism about Ghana’s possible return to the international capital market to borrow.

“We have positioned ourselves to be able to go back into the International market which had been a source of funding for us during the first three or four years of our government,” he said.

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