IMF Bailout: We’ll negotiate a good deal – Akufo-Addo assures

Source The Ghana Report.com

President Nana Addo Dankwa Akufo-Addo has assured Ghanaians his administration will negotiate a good deal with the International Monetary Fund (IMF) as the country seeks economic bailout.

Addressing delegates at the NPP’s national delegate conference in Accra on July,16,2022 the president assured that the team engaging with the Bretton wood institution will secure a deal that will  ensure that the economy develops more than it is now.

“We will negotiate a good deal, a deal that will allow us to build a strong economy that we had before,” he noted.

Video: Akufo-Addo and Bawumia arrive at NPP National Delegates Conference - MyJoyOnline.com

Earlier,a team of experts from the IMF led by Carlo Sdralevich arrived into the country on July 6, to meet government officials. The team concluded its visit on Wednesday July 13.

They met with Vice President Dr. Mahamudu Bawumia, Finance Minister Ken Ofori-Atta, and Governor of the Bank of Ghana, Ernest Addison.

They also met with  Parliament’s Finance Committee, civil society organizations, and development partners, including UNICEF and the World Bank to engage on social spending.

At the conclusion of the mission, Mr. Sdralevich in a statement said “Ghana is facing a challenging economic and social situation amid an increasingly difficult global environment. The fiscal and debt situation has severely worsened following the COVID-19 pandemic. At the same time, investors’ concerns have triggered credit rating downgrades, capital outflows, loss of external market access, and rising domestic borrowing costs.

“In addition, the global economic shock caused by the war in Ukraine is hitting Ghana at a time when the country is still recovering from the Covid-19 pandemic shock and with limited room for maneuver. These adverse developments have contributed to slowing economic growth, accumulation of unpaid bills, a large exchange rate depreciation, and a surge in inflation.

“The IMF team held initial discussions on a comprehensive reform package to restore macroeconomic stability and anchor debt sustainability. The team made progress in assessing the economic situation and identifying policy priorities in the near term. The discussions focused on improving fiscal balances in a sustainable way while protecting the vulnerable and poor; ensuring credibility of the monetary policy and exchange rate regimes; preserving financial sector stability; and designing reforms to enhance growth, create jobs, and strengthen governance”he said

Another team of experts from the Fund are expected to arrive in the country in the coming weeks.

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