IMF deal will spur economic growth – Akufo-Addo expresses confidence

Economy & Investments IMF deal will spur economic growth – Akufo-Addo expresses confidence
JAN 19, 2023 LISTEN

President Nana Akufo-Addo is confident the country's engagement with the International Monetary Fund (IMF) will stabilize the economy and ensure its growth.

Nana Akufo-Addo says government is targeting a growth rate of about six percent in the year 2023.

Speaking at the Abu Dhabi Sustainability Week in Dubai, Nana Akufo-Addo remained hopeful things will get better in Ghana.

“We are working to grow the economy to a much faster rate this year our target being a 5.6 percent GDP growth rate. To enhance the prospect of a win-win situation for the private sector and the country in our case, we see our collaboration with the IMF to repair in the short term our public finance and give credibility to our balance of payment which has taken a severe hit in very recent times.”

“I am very confident that we will emerge from this as a stronger and more resilient economy and advance towards our goal of reaching the Ghana Beyond Aid [agenda].”

The government in December 2022 reached a staff-level agreement with the International Monetary Fund (IMF) as part of processes leading to a bailout.

Ghana is seeking to secure $3 billion from the IMF to complement the revenue shortfalls and to service its external debt.

Ghana has gone to the IMF for the seventeenth time seeking to get help to solve the country's balance of payment challenges.

By Citi Newsroom