President Akufo-Addo has admitted that the Ghanaian economy is experiencing very challenging times and called on the support of the populace to overcome the situation.
In an address to the nation on Sunday, the president bemoaned the multiple crises that have hit the economy simultaneously, throwing the balance of payments out of gear and exposing the fragility of the economy.
“For us, in Ghana, our reality is that our economy is in great difficulty. The budget drawn for the 2022 fiscal year has been thrown out of gear, disrupting our balance of payments and debt sustainability and further exposing the structural weaknesses of our economy.
“I cannot find an example in history when so many malevolent forces have come together at the same time,” he lamented further.
He noted that the decision to seek relief from the IMF was necessary to improve the country’s balance of payments in the short term, while the government explores ways of streamlining structural lapses in the medium to long term toward making the economy resilient and robust.
President Akuffo Addo assured that the negotiations with the IMF are “at advanced stages and are going well,” adding that the government is expecting to reach a deal with the Fund by the end of the year.
“We are working towards reaching a deal with the IMF by the end of the year. This will give further credence to the measures the government is taking to stabilize and grow the economy, as well as shore up our currency,” the President disclosed.