Stalled projects to resume over approval of IMF deal – President

President Nana Addo Dankwa Akufo-Addo says projects that were stalled following efforts to secure a bailout from the International Monetary Fund (IMF) will resume soon.

The President gave this assurance when he addressed the nation in his 29th update on measures taken against the spread of Coronavirus and an update on the IMF programme.

The president in his update warned that the IMF programme will not bring an immediate end to Ghana’s economic woes but said he is confident it will bring confidence to the Ghanaian economy.

“Fellow Ghanaians, access to the IMF facility will not spell the immediate end of the difficulties we are in presently, but the fact that we have been able to negotiate such a deal sends a positive message to our trading partners, creditors and investors; a positive message that will be underpinned by the discipline, hard work and enterprise with which we execute the programme.

“It should lead to the restoration of confidence and the reopening of avenues that had been closed to us this past year and a half. It should also lead to the resumption of many of the infrastructural projects that have stalled.”

The Executive Board of the International Monetary Fund on May 17 approved a $3 billion credit facility to Ghana to help revive the ailing economy after months of negotiations.

The first tranche of $600 million of the facility hit the country’s account with the reminder $2.4 billion to be disbursed over a two-year period.

Source: citinewsroom