Ghana's President Akufo-Addo says talks with the International Monetary Fund (IMF) for a loan support for its homegrown economic programme is "going well."
The loan facility is to help Ghana navigate through the current economic hardship and improve its fiscal balances sustainably.
"I am able to report to you, my fellow Ghanaians, that the negotiations to secure a strong IMF Programme, which will support the implementation of our Post COVID-19 Programme for Economic Growth and additional funding to support the 2023 Budget and development programme, are at advanced stages, and are going well," Akufo-Addo said on Sunday in his address to the nation.
READ ALSO: Full text: Akufo-Addo’s address to the nation on economy
He said the country is likely to arrive at an agreement by December to get the crucial bailout it seeks.
He believes this will help “repair the short term of public finances and restore our balance of payment whiles we continue to work on the medium to long term structural changes that are at the heart of our goal of constructing a resilient robust Ghanaian economy and building a Ghana Beyond Aid.”
"We are determined to secure these arrangements quickly to bring back confidence and relief to Ghanaians. We are working towards reaching a deal with the IMF by the end of the year. This will give further credence to the measures the Government is taking to stabilize and grow the economy, as well as shore up our currency, " Akufo-Addo added.
Akufo-Addo also admitted that Ghana’s economy is in crisis.
He attributed the situation to “so many malevolent forces” which he said have come together at the same time to cause the current economic turmoil bedevilling the country.
Ghana is before the IMF for US$3 billion to help the country navigate through the hostile economic crisis it finds itself in.