The Minister of Finance, Kenneth Nana Yaw Ofori-Atta, has warned that the approval of Ghana’s request for bailout by the Executive Board of the International Monetary Fund (IMF) will not offer a magic solution to the current economic crisis.
“Ghana’s IMF Board approval is far from a magic solution,” Mr Ofori-Atta stressed.
“What it is, however, is that it is a crucial first step on the necessary journey of strong reforms, inclusive growth and relentless pursuit of a growth agenda geared towards restoring our economy to a place of strength, prosperity and resilience.”
The Finance Minister was speaking at a joint press conference held by the Fund in the wake of the Executive Board’s approval of the $3 billion support.
The approval was secured on Wednesday, May 17 with the first tranche of $600 million expected to be received within a week.
The second tranche of $360 is expected in by November or December, a government official hinted.
Mr Ofori-Atta expressed gratitude to Ghana’s bilateral partners for ensuring that the West African country got approval from the Executive Board.
Right after Wednesday’s approval, Managing Director Kristalina Georgieva congratulated President Nana Addo Dankwa Akufo-Addo.
“Congratulations to President Nana Addo Dankwa Akufo-Addo and his team on the $3 billion IMF-supported program approved by our Executive Board,” she tweeted.
“We stand with Ghana as it implements reforms to address the current economic and financial crisis and help build a better future for all Ghanaians,” she assured.
Congratulations to President @NAkufoAddo & his team on the $3 billion IMF-supported program approved by our Executive Board.
We stand with Ghana as it implements reforms to address the current economic and financial crisis and help build a better future for all Ghanaians.
— Kristalina Georgieva (@KGeorgieva) May 17, 2023
