President Akufo-Addo Lauds IMF Support Amid Positive Shifts

Ghana's partnership with the International Monetary Fund (IMF), initiated in July 2022, has borne fruit, marking a significant turnaround in the nation's economic fortunes. President Nana Addo Dankwa Akufo-Addo, in discussions with IMF Managing Director Kristalina Georgieva, highlighted the positive outcomes of this collaboration, including a steady decline in inflation, reduced interest rates, and a stable currency. These indicators not only reflect the current state of economic stability but also lay a strong foundation for sustained growth and prosperity.

The collaboration is anchored in a three-year plan under the Extended Credit Facility (ECF), totaling approximately US$3 billion, aimed at restoring macroeconomic stability, achieving debt sustainability, and fostering an inclusive economic recovery. The plan encompasses fiscal consolidation, inflation control, and the implementation of structural reforms to enhance the economy's resilience to external shocks and internal vulnerabilities.

President Akufo-Addo reaffirmed Ghana's commitment to the agreed reforms, stressing the importance of steady progress towards the overarching goal of rapid development and prosperity for its citizens. He praised the IMF for its understanding and support, emphasizing Ghana's unique journey as a trailblazer in Africa's post-colonial development narrative. Meanwhile, Georgieva commended the Ghanaian government for its swift progress in debt restructuring, reflecting the productive nature of the Ghana-IMF partnership.

In a related event highlighting Ghana's forward-looking stance, the country hosted an AI conference in collaboration with the IMF, themed "AI as a Catalyst to Transform Economies in Sub-Saharan Africa." This gathering underscores Ghana's commitment to leveraging technological innovations to drive economic transformation, showcasing its role as a model for resilience and innovation in the region.