IMF programme not immediate solution to economic challenges – President Akufo-Addo

President Nana Addo Dankwa Akufo-Addo has said although the country’s programme with the International Monetary Fund (IMF) gives hope for the future, it does not hold the card for the immediate resolution of the current difficulties in the economy.

“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,” he said.

President Akufo-Addo said this in his 29th update on measures taken against the spread of COVID-19. and also an update on the IMF programme, on Sunday, May 28 night.

Benefits
President Akufo-Addo said the IMF programme will help to restore confidence in the Ghanaian economy, which has been severely affected by the COVID-19 pandemic and the Russia war in Ukraine.

In addition, the programme will help to reopen avenues that had been closed to Ghana in recent years, including access to international capital markets.

“It should lead to the restoration of confidence and the reopening of avenues that have been closed to us this past year and a half,” the President said.

He added: “It will lead to the resumption of infrastructural projects that have stalled”. He urged Ghanaians to support the government to implement the reforms required to make the IMF programme work.

COVID-19 over
President Akufo-Addo reiterated the declaration by the World Health Organization (WHO) that COVID-19 was no longer a global health emergency.

“This too has passed. The emergency is over and we can safely lift any of those oppressive restrictions we have had to endure.”

The President stated that presently the country had no critical nor severe cases of the disease. Since the first confirmed case in March 2020, there have been 171,758 positive cases out of 2,538,198 tests.

Sacrifices
He praised Ghanaians for the sacrifices made during the pandemic. Among the sacrifices were the closure of schools, businesses, and places of worship, and the significant impact on daily life.

In spite of the developments, he urged citizens to maintain preventive measures that proved effective during the pandemic, which included regular handwashing, personal hygiene practices, and periodic cleansing, disinfection, and fumigation of public spaces like markets.

Positive outcomes
President Akufo-Addo mentioned other positive outcomes of the pandemic including the strengthening of disease surveillance systems, expansion of health facilities, and the establishment of the National Vaccine Institute and vaccine manufacturing plants.

Audit
While recognising the enormous financial costs bought about by the COVID-19 response, he gave an assurance that all expenditures would be subject to audit and parliamentary processes.

The President further expressed gratitude to frontline workers who work hard to battle the pandemic.
He stated that the COVID Trust Fund’s mandate had come to a conclusion.

President Akufo-Addo concluded by thanking all individuals, institutions, and sectors that played a part in Ghana’s successful response to the pandemic.