President Nana Addo Dankwa Akufo-Addo recently addressed the nation on the progress made in Ghana’s economic growth. He emphasized the progress made in securing the IMF Staff Level Agreement, debt exchange programme, and the implementation of key structural reforms, stating that they are yielding benefits.
“Let me touch on a very important subject matter which is the status of the IMF programme negotiations,” said President Akufo-Addo. “After achieving a Staff Level Agreement with the IMF in December 2022 in record time, we have continued to work tirelessly to complete all prior actions required to present Ghana’s Programme to the IMF Executive Board for approval.”
He also highlighted the progress made in the debt exchange programme and engagements with bilateral creditors to secure financing assurances required for the IMF Programme. “We are assured that the next round of meetings of the Paris Club will result in the formation of Official Creditor Committee, inclusive of China, and the provision of financing assurances,” he said.
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According to President Akufo-Addo, the IMF and the World Bank have been supportive in this journey, and with the progress made so far, he expects the IMF Board to consider Ghana’s programme for imminent approval. He thanked Organised Labour for the role they have played in this journey, especially their inputs into the preparation of the government’s Post COVID-19 Programme for Economic Growth, which underpins the IMF-supported Programme.
“Already the progress we have made in securing the IMF Staff Level Agreement, in the debt exchange programme, and the implementation of key structural reforms, are yielding benefits,” he said. “Inflation is decelerating, interest rates on government treasury notes are declining, the depreciation of the cedi is slowing down, and GDP growth for 2022 has performed beyond expectations.”
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President Akufo-Addo also highlighted the medium-term growth that will be supported by key interventions such as improvements in the business environment and export competitiveness, promotion of entrepreneurship for private sector development, transitioning to a digital economy, and strengthening of policies to adapt to and mitigate climate change for inclusive growth.
Overall, President Akufo-Addo’s remarks suggest that Ghana’s economy is on a positive trajectory, and the progress made in securing the IMF Staff Level Agreement and other reforms will continue to yield benefits for the country.
