President Nana Addo Dankwa Akufo-Addo has explained why it took Ghana some ten months to secure a deal with the International Monetary Fund (IMF) under his administration.
The President explained that a number of requirements including the exchange of economic data needed to be met before approving the deal.
This process, together with others activities delayed the deal, he said.
Asked why the deal took so long for it to be approved by the Fund while peaking at the 3rd Qata Economic Forum on Tuesday, May 23, he said: “We went in July last year and it has taken us July to May to secure the programme
“Usually, the negotiations with the IMF take time. In fact, the 10 months which has been involved in the Ghanaian programme is one of the fastest on record.
“There is a whole lot of stuff that you had to go through in terms of change of data, negotiations, and making sure that the macro indices you are looking for are in the right direction. All of these may take time, Nevertheless, it is over.
“Now we believe that it is going to provide us with the foundation for redirecting the economy, repositioning the Ghanaian economy firstly, to regain the macro stability that has been lost, secondly, to be able to have better control over important details like the interest rate, inflation and then finally, also to position us to be able to be back to the international capital market which has been a source of funding for us for the first three or four years of our government. ”
The Board of the Fund unanimously approved Ghana’s bailout on Wednesday, May 17 at a meeting in Washington after Ghana secured the Paris Club financing assurance on Friday, May 12.
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