The government has acknowledged that reaching an agreement with the IMF is not the only solution to the current economic problems.
Since July of last year, the government has requested a $3 billion bailout from the fund to aid in the recovery of the economy.
The administration has also introduced policies and initiatives targeted at reestablishing macroeconomic stability and debt sustainability.
Players in the industry have been adamant in their criticism of the government’s efforts to provide relief for Ghanaians. Kojo Oppong Nkrumah, the minister of information, gave an update on the IMF engagement so far and stated that the government is confident in its ability to handle the problems at hand.
“The Government of Ghana has a strengthened program that has been created to aid in our recovery from the significant shocks we are experiencing. Additionally, we will require some balance of payments assistance from the IMF for that program to be effective.
And that is what we have been working on; based on all indications, we should be finishing it up very shortly. However, that is not the only solution to our economic problems. Kojo Oppong Nkrumah added, “We have other programmes to help us to bring back growth, help the private sector moving, and keep cost of living under control.
On May 2, President Nana Addo Dankwa Akufo-Addo enlisted Japan’s assistance to help Ghana and the International Monetary Fund (IMF) Board come to an agreement about the 3 billion dollar balance of payment support.
Akufo-Addo contends that Japan, a Paris Club member, will be crucial in helping Ghana secure the IMF agreement.
Ghana would pay back Japan’s support, Mr. Akufo-Addo remarked during a meeting with the Japanese Prime Minister Fumio Kishida who stopped by the Jubilee House on Tuesday evening.
President Akufo-Addo stated that Ghana is also relying on Japan’s assistance to negotiate a favorable agreement with the International Monetary Fund that will open the door for a strong revival of Ghana’s economy.
