He stated that the IMF intervention is for repairs of the nation’s finances in the short term.
In the long term, he said, the country will continue to work on structural changes as part of the goal to create the Ghana beyond aid, that is building a resilience, robust Ghanaian economy.
Speaking at the seat of government on Friday July 8 while swearing into office New Ambassadors and High commissioners, Mr Akufo-Addo said “Currently, we have decided to seek the collaboration with the International Monetary Fund to repair, in the short run, our finances which have taken a severe hit in very recent times while we continue to work on the medium to long term structural changes that are our heart of our goal to create the Ghana beyond aide, that is building a resilient, robust Ghanaian economy.
“I am confident that with determination, hard work, unity and the proverbial Ghanaian sense of enterprise we will succeed, we will make it and indeed this too shall pass.
“What these trends of event have taught all of us is that, we also have to strengthen and deepen our ties of cooperation and bonds of friendship with each other.
“No country will be able to do it alone. We either succeed together or we perish together and that is where your work as ambassadors and High Commissioners will be needed the most.”
The IMF staff team, led by Carlo Sdralevich, mission chief for Ghana, is in Ghana for the discussions with the Ghanaian authorities about a possible IMF-supported programme.
Mr. Sdralevich in a statement said “On the basis of a request from the Ghanaian authorities, an IMF staff team will in the coming days kick-start discussions on a possible program to support Ghana’s homegrown economic policies. We are at an early stage in the process, given that detailed discussions are yet to take place.”
“The IMF stands ready to assist Ghana to restore macroeconomic stability, safeguard debt sustainability, and promote inclusive and sustainable growth, and address the impact of the war in Ukraine and the lingering pandemic.”
“We are looking forward to our engagement with the authorities in Accra,” the Fund said.
The Government of Ghana on Friday July 1 announced that it was seeking support from the IMF.
This followed a telephone conversation between the President and the IMF Managing Director, Miss Kristalina Georgieva, conveying Ghana’s decision to engage with the Fund, a statement by the Ministry of Information said.