Home News Running to IMF for a bailout was a painful decision – Nana Addo

Running to IMF for a bailout was a painful decision – Nana Addo

by Fila News Gh
President Nana Akufo Addo

President Nana Addo Dankwa Akufo-Addo has once again justified his decision to run to the International Monetary Fund (IMF) for a bailout saying it was a painful but necessary decision.

In a speech to the nation on Sunday, May 28, 2023, President Akufo-Addo said that the decision was made after careful consideration of all options.

He said that the IMF deal was necessary to help Ghana’s economy recover from the impact of the COVID-19 pandemic and the war in Ukraine.

“It was a painful decision for me to take, because going to the IMF was not part of the economic transformation agenda I had been pursuing, especially as my government had gone the extra mile to bring to a successful end the IMF program we inherited from the previous government,” Akufo-Addo said.

The IMF deal is expected to provide Ghana with $3 billion in financial assistance within 36 months.

The deal will also require Ghana to implement a number of economic reforms, such as reducing government spending and other fiscal measures.

Akufo-Addo said that the government is committed to implementing the reforms required by the IMF deal.

IMF deal won’t bring an immediate end to Ghana’s economic woes

Despite the hope in the IMF agreement, President Akufo-Addo said the program will not spell the immediate end of the difficulties that Ghana is facing

“Access to the IMF facility will not spell the immediate end of the difficulties we are in presently. But the fact that we’ve been able to negotiate such a deal sends a positive message to our creditors and investors,” Akufo-Addo said during his address on May 28, 2023.

Source: citinewsroom.com

You may also like


Filanews is a privately owned multi-platform network based in, Accra Ghana.

Filanews offers a unique blend of credible, authentic and timely news, current affairs as well as compelling non- news programming.

Edtior's Picks

Latest Articles

© 2018 Fila News Gh –  All Rights Reserved. Designed and Developed by Von Kabs Technology

Adblock Detected

Please support us by disabling your AdBlocker extension from your browsers for our website.