President Nana Addo Dankwa Akufo-Addo has explained that going to the International Monetary Fund (IMF) for a bailout was a painful but necessary decision.
In his final update on the outbreak of the Covid-19 outbreak, he stated that the decision to go to the fund was taken after careful consideration of all options.
He justified that Ghana needed to seek the bailout as part of efforts to help us from the impact of the COVID-19 pandemic and the war in Ukraine.
“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 programme we inherited from the previous government,” Akufo-Addo said.
Meanwhile, he has also noted that the programme will not immediately address the economic challenges we are confronting.
“Access to the IMF facility will not spell the immediate end of the difficulties we are in presently. But the fact that we’ve been able to negotiate such a deal sends a positive message to our creditors and investors,” he added.