I Will Restore Ghana’s Economy Within 22 Months – Akufo-Addo Vows

Before his term ends in 22 months, President Nana Addo Dankwa Akufo-Addo has vowed to revive Ghana's ailing economy.

He claims that the country experienced significant economic growth before COVID-19 and the Russia-Ukraine war, which is why it is currently experiencing economic difficulties.

However, he reiterated that he was determined to bring about change during his short time in office.

"In the next 22 months of my term, I'll work to bring the economy back to the point of rapid development it was before COVID-19 and the Russian invasion of Ukraine. I'm making a solemn commitment to you, my fellow Ghanaians, and I'm determined to keep it.”

On 6 March 2023, President Akufo-Addo made this statement while addressing the 66th Independence Day Parade at Adaklu-Tserefe near Ho.

This year's event, the President acknowledged that the country had not yet realised all the potentials, hopes and aspirations of its forefathers who fought for its independence.

Government seeks IMF bailout

At a time when the economy was in a tailspin in 2022, the government sought help from the International Monetary Fund (IMF).

The government has only recently secured a Domestic Debt Exchange Programme (DDEP), which analysts say is a key requirement for the lender to gain board approval for a US$3 billion bailout.

The plan was designed to ensure that Ghana's unmanageable debt was rationalised. The government reported an 85% participation rate.

Ghana expects to receive the first instalment of the bailout by March this year, in part to halt the rapid depreciation of the cedi and control inflation.

Ghana's creditors are currently in discussions to restructure the debt in order to receive approval from the IMF board in March 2023.

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