IMF bailout will restore macroeconomic stability, revive economy – Akufo-Addo

Government engages IMF team

We are ready to restore Ghana’s macroeconomic stability – IMF

Our public finance have severely been hit – Akufo-Addo on IMF decision

President Nana Addo Dankwa Akufo-Addo has said government’s decision to seek financial assistance from the International Monetary Fund will help restore macroeconomic stability and revive

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According to him, there are many countries that are reeling from the impacts of an economic crunch hence Ghana is no exception.

Speaking at a ceremony to swear-in new Ambassadors and High Commissioners at the Jubilee House, President Akufo-Addo said he is confident Ghana’s economy will bounce back with support from the IMF in due course.

“I am confident that with determination, hard work, unity, and the proverbial Ghanaian sense of enterprise, we will succeed, we will make it and indeed this too shall pass”.

“Economies have been plunged into recession, businesses have collapsed, lives and livelihoods have been disrupted, food and fuel prices have escalated dramatically as global and domestic inflation mount,” President Akufo-Addo said.

In the Ghanaian context, President Akufo-Addo said the decision to seek support from the IMF will in the short run repair Ghana’s public finances which have been impacted significantly by recent economic developments.

“In our case, we have decided to see the collaboration with the International Monetary Fund to repair in the short run, our public finances, which have taken a severe hit in very recent times,” he explained.

Meanwhile, government before the arrival of the IMF officials assured it will safeguard jobs in the public sector, security and other flagship programmes such as the Free SHS, One District, One Factory and among others.

MA/FNOQ