Akufo-Addo hails economic turnaround after IMF partnership

Ghanaian

Ghana's President, Nana Addo Dankwa Akufo-Addo, reaffirmed the government's support for the decision to seek aid from the International Monetary Fund (IMF) back in July 2022, citing significant economic improvements.

During discussions with IMF Managing Director Kristalina Georgieva at the Jubilee House in Accra, President Akufo-Addo emphasized the positive impact of the IMF assistance, highlighting a notable decline

Read full articlein inflation, interest rates, and stable exchange rates as indicators of economic stabilization.

The ongoing partnership, which includes a three-year arrangement under the Extended Credit Facility (ECF) worth approximately US$3 billion, aims to restore macroeconomic stability, ensure debt sustainability, and foster inclusive growth. President Akufo-Addo expressed the government's commitment to the agreed-upon reforms and emphasized the importance of consistency and resilience in achieving desired outcomes.

Acknowledging Ghana's unique historical journey, President Akufo-Addo emphasized the need for the country's development trajectory to reflect the broader evolution of Africa since independence.

IMF Managing Director Kristalina Georgieva commended Ghana for its adherence to the IMF program, noting that debt restructuring had progressed more rapidly than anticipated.

The visit coincided with an Artificial Intelligence (AI) conference jointly organized by Ghana's Ministry of Finance and the IMF, focusing on leveraging AI to drive economic transformation in sub-Saharan Africa. President Akufo-Addo praised Georgieva's dedication and professionalism, emphasizing her understanding of the challenges faced by countries like Ghana and her commitment to facilitating progress in challenging circumstances.