President Nana Addo Dankwa Akufo-Addo has commended the ongoing collaboration with the International Monetary Fund (IMF), characterizing its progress as notably successful.
The President emphasized that the economy has outperformed initial expectations under the programme, suggesting a robust recovery path.
During his recent State of the Nation Address in Parliament on Friday, President Akufo-Addo highlighted significant advancements in macroeconomic stability, fiscal discipline, and investor confidence as indicators of the effectiveness of the IMF support package.
“The implementation of the programme has proceeded well, despite the challenges faced. We have successfully navigated three consecutive reviews of the programme by the IMF Board, with the latest review approved on December 2, 2024, resulting in the disbursement of $360 million. To date, the Fund has disbursed a total of $1.92 billion,” the President stated.
He attributed the positive outcomes to the partnership between the government and the IMF in executing reforms that are beginning to show beneficial results.
The IMF programme, designed to tackle Ghana’s economic difficulties, emphasizes debt sustainability, fiscal consolidation, and structural reforms aimed at enhancing growth potential.
Initial successes, such as decreased inflation and a stabilized currency, have fostered optimism regarding Ghana’s economic outlook.
“Currently, we are witnessing the favorable results of this challenging yet essential process. The economy is experiencing a strong rebound, our fiscal situation is more secure, and our debt sustainability has markedly improved. I can confidently assert that the crisis has been overcome, and the economy has recovered more robustly and swiftly than anticipated,” Akufo-Addo concluded.
