Prime News Ghana

Ghana’s decision to go to IMF has paid off – Akufo-Addo

By primenewsghana
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President Akufo-Addo has lauded his government’s decision to secure a $3 billion extended credit facility with the International Monetary Fund (IMF) in July 2022, stating that it has yielded positive results for the Ghanaian economy.

Addressing the Managing Director of the IMF, Kristalina Georgieva, during her courtesy visit to the Jubilee House, he emphasized his administration’s commitment to implementing sound economic policies and staying the course with the current IMF programme.

The IMF Managing Director, Kristalina Georgieva, acknowledged the rebound of confidence in the Ghanaian economy, both domestically and externally.

She highlighted the surprising resilience of the world economy and its stronger-than-predicted growth rate.

Ghana’s decision to opt for a $3 billion IMF extended credit facility (ECF) in 2023 came after President Akufo-Addo authorized negotiations with the IMF to secure balance of payment support.

This move aimed to accelerate Ghana’s economic recovery in the face of challenges exacerbated by the COVID-19 pandemic and the Russian-Ukraine war.

Currently in its first year of implementation, Ghana’s three-year IMF programme has seen disbursements totaling $1.2 billion in two payment tranches of $600 million each.

Additionally, negotiations with external creditors have been completed, and discussions with external private creditors are ongoing.

As part of her visit to Ghana, Madam Kristalina Georgieva, accompanied by Finance Minister Dr. Mohammed Amin Adam, will participate in an Artificial Intelligence (AI) summit at the Kempinski Hotel in Accra.

The summit, themed “AI as a Catalyst to Transform Economies in Sub-Saharan Africa,” will explore the challenges and opportunities presented by AI for emerging economies, with a focus on Ghana’s digitalization and AI readiness.