In a recent address to the nation, President Nana Akufo-Addo of Ghana expressed his conviction that seeking assistance from the International Monetary Fund (IMF) was a painful yet essential decision. The President acknowledged that resorting to the IMF was not initially part of his government’s economic transformation agenda. However, after carefully considering all available options, the decision to approach the IMF became unavoidable.
President Akufo-Addo highlighted that his administration had diligently worked towards successfully concluding the IMF program inherited from the previous government. Thus, the decision to seek assistance from the IMF was not taken lightly, recognizing the efforts made to pursue independent economic policies.
The President firmly believes that the intervention of the IMF will play a vital role in restoring stability and fostering confidence in Ghana’s economy. Despite the initial reluctance to seek external assistance, Akufo-Addo emphasized the necessity of this step in addressing the current economic challenges faced by the nation.
“It was a painful decision for me to take, because going to the IMF was not part of the economic transformation agenda I had been pursuing, especially as my government had gone the extra mile to bring to a successful end the IMF program we inherited from the previous government,” he said during his address to the Nation on Sunday, May 28, 2023.
By turning to the IMF, the government hopes to tap into the organization’s expertise and financial resources to implement effective measures that will stimulate economic growth and enhance the well-being of the Ghanaian people. The IMF has a long-standing track record of assisting countries in overcoming economic crises and providing necessary support to implement structural reforms.