Akufo Addo says bailout can’t fix economy

President Akufo-Addo of Ghana has stated that the relief program provided by the International Monetary Fund (IMF) will not immediately alleviate the country’s economic challenges. However, he believes that the program will restore confidence and reopen opportunities that have been unavailable to Ghana in recent years.

During his address to the nation on Sunday, May 28, President Akufo-Addo acknowledged that the IMF bailout alone will not immediately solve the country’s economic struggles. Nonetheless, he emphasised that securing such a deal sends a positive message to Ghana’s trading partners and signifies a step in the right direction to put the country back on track.

The President highlighted the significance of the IMF agreement in restoring confidence in the Ghanaian economy, which has been severely impacted by the COVID-19 pandemic and the conflict in Ukraine. Additionally, he expressed optimism that the deal will pave the way for reopening avenues that have been closed to Ghana in recent years, thereby facilitating the resumption of stalled infrastructural projects.

President Akufo-Addo called upon the people of Ghana to actively support and expedite the successful implementation of the necessary reforms to ensure the effectiveness of the IMF deal. While he acknowledged that the immediate end to the current difficulties is not guaranteed, he emphasised the positive message conveyed by the agreement and its potential to lead Ghana towards economic recovery and growth.

The President’s remarks underscore the importance of the IMF relief program in restoring confidence, unlocking opportunities, and revitalising the Ghanaian economy. The successful implementation of the necessary reforms and the collective support of Ghanaians will be crucial in realising the intended benefits of the IMF deal.