President Akufo-Addo has reiterated that the country’s decision to go to the IMF was driven by the need to shore up its balance of payment as part of a post COVID-19 programme for economic growth and to support the 2023 budget.
He noted that the IMF decision is for the short-term but is keen to work to deal with structural challenges in the economy in the medium-to long-term.
Addressing the nation on Sunday evening, the president affirmed that the negotiations with the IMF are progressing well.
He stated that “the negotiations to secure a strong IMF programme, which will support the implementation of our Post COVID-19 Programme for Economic Growth and additional funding to support the 2023 Budget and development programme, are at advanced stages, and are going well.”
President Akufo-Addo revealed that the government is working towards securing a deal with the IMF by the end of the year.
Although the government has had two major engagements with executives of the fund since its decision in July, some analysts have critiqued the unsteady pace of the negotiations, blaming it on the government’s problematic debt sustainability levels.
However, the government has severally debunked the claims.
In the latest statement of rebuttal, the Finance Ministry stated that allegations that the negotiations are not going well are categorically untrue, citing contrary commentaries and reports from the IMF.
The Ministry also refuted claims that it presented inaccurate figures to the fund, leading to credibility issues.
“None but accurate figures have been presented to the IMF and the Ministry has been fully transparent at all times,” the statement from the Ministry added.
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