Kenneth Nana Yaw Ofori-Atta, the minister of finance, has issued a warning that the International Monetary Fund (IMF) Executive Board’s approval of Ghana’s bailout request will not provide a quick fix 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.”
At a joint press conference given by the Fund following the Executive Board’s acceptance of the $3 billion funding, the Finance Minister made her remarks.
On May 17, the approval was obtained, and a week later, the first tranche of $600 million was anticipated to be paid out.
According to a government official, the second installment of $360 is anticipated to arrive in November or December.
Mr. Ofori-Atta expressed appreciation to Ghana’s bilateral allies for seeing to it that the West African nation received the Executive Board’s blessing.
Managing Director Kristalina Georgieva praised President Nana Addo Dankwa Akufo-Addo immediately following Wednesday’s ratification.
“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.
